SummitTX Capital L.P. Lowers Stock Position in National Energy Services Reunited $NESR

Key Points

• SummitTX Capital reduced its NESR stake by 9% in the first quarter, selling 43,565 shares and retaining 441,589 shares valued at approximately $9.48 million. Hedge funds and institutional investors collectively owned 15.55% of the company.
• NESR reported stronger-than-expected quarterly results, with EPS of $0.26 versus a $0.21 consensus estimate and revenue of $404.59 million, up 33.5% year over year.
• Analyst sentiment remains positive: multiple firms raised price targets to between $35 and $36, while the stock carried a consensus “Buy” rating and a $29.71 average target price. However, insiders sold about $135.7 million in shares over the past 90 days.

SummitTX Capital L.P. cut its stake in shares of National Energy Services Reunited (NASDAQ:NESR - Free Report) by 9.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 441,589 shares of the company's stock after selling 43,565 shares during the period. SummitTX Capital L.P. owned approximately 0.44% of National Energy Services Reunited worth $9,481,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dodge & Cox lifted its holdings in shares of National Energy Services Reunited by 5.6% in the 3rd quarter. Dodge & Cox now owns 2,255,894 shares of the company's stock worth $23,145,000 after acquiring an additional 119,100 shares during the last quarter. Citadel Advisors LLC acquired a new stake in National Energy Services Reunited in the 3rd quarter valued at approximately $22,722,000. Dimensional Fund Advisors LP increased its holdings in National Energy Services Reunited by 103.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,960,587 shares of the company's stock valued at $42,088,000 after purchasing an additional 997,300 shares during the last quarter. Boston Partners raised its position in National Energy Services Reunited by 155.6% in the fourth quarter. Boston Partners now owns 1,953,328 shares of the company's stock valued at $30,594,000 after purchasing an additional 1,189,035 shares during the period. Finally, Millennium Management LLC raised its position in National Energy Services Reunited by 1,482.3% in the fourth quarter. Millennium Management LLC now owns 1,237,585 shares of the company's stock valued at $19,381,000 after purchasing an additional 1,159,372 shares during the period. 15.55% of the stock is owned by hedge funds and other institutional investors.

National Energy Services Reunited Price Performance

National Energy Services Reunited stock opened at $27.62 on Monday. The company has a quick ratio of 0.90, a current ratio of 1.04 and a debt-to-equity ratio of 0.18. National Energy Services Reunited has a 52-week low of $6.24 and a 52-week high of $30.31. The firm has a market cap of $2.79 billion, a PE ratio of 42.49, a price-to-earnings-growth ratio of 0.32 and a beta of 0.31. The company's 50 day moving average is $26.43 and its two-hundred day moving average is $23.54.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.21 by $0.05. National Energy Services Reunited had a net margin of 4.53% and a return on equity of 9.77%. The business had revenue of $404.59 million during the quarter, compared to the consensus estimate of $370.87 million. The business's revenue for the quarter was up 33.5% on a year-over-year basis. On average, research analysts expect that National Energy Services Reunited will post 1.74 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Piper Sandler raised their price target on National Energy Services Reunited from $33.00 to $35.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 14th. Barclays boosted their price objective on National Energy Services Reunited from $34.00 to $35.00 and gave the company an "overweight" rating in a report on Wednesday, May 13th. Zacks Research raised National Energy Services Reunited from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 29th. Weiss Ratings upgraded National Energy Services Reunited from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 30th. Finally, UBS Group lifted their target price on National Energy Services Reunited from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $29.71.

Insider Transactions at National Energy Services Reunited

In related news, Director Yousif Mohammed Ali Al-Nowais sold 1,919,594 shares of the business's stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $26.80, for a total transaction of $51,445,119.20. Following the completion of the transaction, the director directly owned 229,198 shares of the company's stock, valued at $6,142,506.40. The trade was a 89.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 5,129,198 shares of company stock valued at $135,731,984 in the last ninety days. Company insiders own 9.70% of the company's stock.

National Energy Services Reunited Profile

National Energy Services Reunited Corp NASDAQ: NESR is a publicly traded oilfield services company formed in 2021 through a business combination that brought together complementary drilling and production service providers. The company's mission is to deliver integrated solutions across the upstream oil and gas value chain, combining regional expertise with global operational standards.

NESR's service portfolio spans drilling, completion and production, offering products and capabilities such as cementing, coiled tubing, hydraulic fracturing, well stimulation, pumping services and intervention solutions.

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