National Energy Services Reunited (NASDAQ:NESR) Reaches New 52-Week High - Here's Why

Key Points

• National Energy Services Reunited (NASDAQ:NESR) shares hit a new 52-week high of $11.36, closing at $11.35 with a trading volume of 722,339 shares.
• Piper Sandler and Maxim Group have notably raised their price targets for NESR to $15.00 and $16.00, respectively, with six analysts recommending a "Buy" rating.
• The company reported earnings of $0.21 per share, exceeding estimates, with revenues of $327.37 million during the last quarter.

Shares of National Energy Services Reunited (NASDAQ:NESR - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $11.36 and last traded at $11.35, with a volume of 722339 shares. The stock had previously closed at $10.64.

Wall Street Analyst Weigh In

Several research analysts recently commented on NESR shares. Piper Sandler raised their price target on shares of National Energy Services Reunited from $13.00 to $15.00 and gave the stock an "overweight" rating in a research note on Thursday. Weiss Ratings reiterated a "hold (c)" rating on shares of National Energy Services Reunited in a report on Wednesday, October 8th. Maxim Group initiated coverage on shares of National Energy Services Reunited in a report on Tuesday, September 9th. They set a "buy" rating and a $16.00 target price on the stock. Wall Street Zen upgraded shares of National Energy Services Reunited from a "hold" rating to a "buy" rating in a report on Monday, August 25th. Finally, National Bankshares set a $16.00 price target on shares of National Energy Services Reunited in a report on Tuesday, September 9th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $16.14.

National Energy Services Reunited Stock Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.93 and a current ratio of 1.11. The firm's 50 day simple moving average is $9.52 and its 200 day simple moving average is $7.37. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 14.74 and a beta of 0.32.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last posted its earnings results on Wednesday, August 20th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.02. The firm had revenue of $327.37 million during the quarter, compared to analyst estimates of $316.07 million. National Energy Services Reunited had a net margin of 5.57% and a return on equity of 9.91%. Sell-side analysts forecast that National Energy Services Reunited will post 1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On National Energy Services Reunited

Several institutional investors have recently made changes to their positions in the company. Legal & General Group Plc purchased a new position in shares of National Energy Services Reunited during the 2nd quarter valued at approximately $34,000. Ameritas Investment Partners Inc. acquired a new position in shares of National Energy Services Reunited during the 2nd quarter valued at about $37,000. Acadian Asset Management LLC acquired a new position in shares of National Energy Services Reunited during the 1st quarter valued at about $48,000. BNP Paribas Financial Markets boosted its position in shares of National Energy Services Reunited by 92.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 17,339 shares of the company's stock valued at $104,000 after acquiring an additional 8,337 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new position in shares of National Energy Services Reunited during the 1st quarter valued at about $81,000. 15.55% of the stock is owned by hedge funds and other institutional investors.

National Energy Services Reunited Company Profile

National Energy Services Reunited Corp. provides oilfield services in the Middle East and North Africa region. The company's Production Services segment offers hydraulic fracturing services; coiled tubing services, including nitrogen lifting, fishing, milling, clean-out, scale removal, and other well applications; stimulation and pumping services; primary and remedial cementing services; nitrogen services; filtration services, as well as frac tanks and pumping units; and pipeline and industrial services, such as water filling and hydro testing, nitrogen purging, and de-gassing and pressure testing, as well as cutting/welding and cooling down piping/vessels systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.