Walleye Capital LLC Takes $19.05 Million Position in National Energy Services Reunited $NESR

Key Points

• Walleye Capital LLC disclosed a new first-quarter stake in National Energy Services Reunited, buying 887,068 shares valued at about $19.05 million and representing 0.88% of the company.
• Insider selling was significant, with Director Yousif Mohammed Ali Al-Nowais selling 1.92 million shares for about $51.4 million; insiders sold a total of 5.13 million shares in the last quarter.
• Analysts remain bullish on NESR, with a consensus Buy rating and an average price target of $29.71, while the stock traded up 1.6% to $28.93 after reporting stronger-than-expected quarterly earnings and revenue.

Walleye Capital LLC acquired a new position in National Energy Services Reunited (NASDAQ:NESR - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 887,068 shares of the company's stock, valued at approximately $19,045,000. Walleye Capital LLC owned 0.88% of National Energy Services Reunited at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada lifted its position in National Energy Services Reunited by 373.8% during the fourth quarter. Royal Bank of Canada now owns 1,900 shares of the company's stock valued at $30,000 after purchasing an additional 1,499 shares during the period. Legal & General Group Plc acquired a new stake in National Energy Services Reunited during the 2nd quarter worth about $34,000. Acadian Asset Management LLC acquired a new stake in National Energy Services Reunited during the 1st quarter worth about $48,000. Osaic Holdings Inc. purchased a new position in shares of National Energy Services Reunited during the 2nd quarter valued at about $73,000. Finally, State of Wyoming purchased a new position in shares of National Energy Services Reunited during the 4th quarter valued at about $76,000. Hedge funds and other institutional investors own 15.55% of the company's stock.

Insider Transactions at National Energy Services Reunited

In other National Energy Services Reunited news, Director Yousif Mohammed Ali Al-Nowais sold 1,919,594 shares of the firm's stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $26.80, for a total value of $51,445,119.20. Following the sale, the director directly owned 229,198 shares of the company's stock, valued at approximately $6,142,506.40. This trade represents a 89.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 5,129,198 shares of company stock worth $135,731,984 in the last quarter. Corporate insiders own 9.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Zacks Research upgraded National Energy Services Reunited from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 29th. BTIG Research reiterated a "buy" rating and set a $32.00 price target on shares of National Energy Services Reunited in a research report on Friday, July 10th. UBS Group boosted their price target on National Energy Services Reunited from $32.00 to $36.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Piper Sandler upped their price objective 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. Finally, Wall Street Zen raised shares of National Energy Services Reunited from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $29.71.

National Energy Services Reunited Trading Up 1.6%

Shares of National Energy Services Reunited stock opened at $28.93 on Thursday. The firm has a 50-day simple moving average of $26.35 and a two-hundred day simple moving average of $23.37. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.90 and a current ratio of 1.04. National Energy Services Reunited has a fifty-two week low of $6.07 and a fifty-two week high of $30.31. The company has a market cap of $2.92 billion, a P/E ratio of 44.51, a price-to-earnings-growth ratio of 0.33 and a beta of 0.31.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.21 by $0.05. National Energy Services Reunited had a return on equity of 9.77% and a net margin of 4.53%.The firm had revenue of $404.59 million for the quarter, compared to analysts' expectations of $370.87 million. The firm's revenue for the quarter was up 33.5% compared to the same quarter last year. As a group, equities analysts predict that National Energy Services Reunited will post 1.74 earnings per share for the current fiscal year.

National Energy Services Reunited Company 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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