National Energy Services Reunited (NASDAQ:NESR) Reaches New 52-Week High on Analyst Upgrade

Key Points

• Shares of National Energy Services Reunited (NASDAQ:NESR) reached a new 52-week high after JPMorgan Chase & Co. raised the stock's price target from $10.00 to $19.00, maintaining an overweight rating.
• The stock has seen increased institutional interest, with hedge funds acquiring new stakes and existing investors such as Encompass Capital Advisors increasing their holdings by 4.3%.
• National Energy Services Reunited reported strong quarterly results, beating consensus estimates with $0.21 EPS and revenue of $327.37 million, compared to the estimate of $316.07 million.

Shares of National Energy Services Reunited (NASDAQ:NESR - Get Free Report) hit a new 52-week high during trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $10.00 to $19.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. National Energy Services Reunited traded as high as $11.29 and last traded at $10.95, with a volume of 553959 shares trading hands. The stock had previously closed at $10.04.

NESR has been the topic of a number of other reports. Piper Sandler boosted their target price on shares of National Energy Services Reunited from $11.00 to $13.00 and gave the stock an "overweight" rating in a report on Thursday, August 21st. Maxim Group started coverage on shares of National Energy Services Reunited in a report on Tuesday, September 9th. They set a "buy" rating and a $16.00 price target 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. National Bankshares set a $16.00 price target on shares of National Energy Services Reunited in a report on Tuesday, September 9th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of National Energy Services Reunited in a report on Wednesday. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $15.86.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Osaic Holdings Inc. acquired a new stake in shares of National Energy Services Reunited in the second quarter worth $73,000. Encompass Capital Advisors LLC grew its position in National Energy Services Reunited by 4.3% during the second quarter. Encompass Capital Advisors LLC now owns 9,205,887 shares of the company's stock valued at $55,419,000 after buying an additional 382,640 shares during the period. BNP Paribas Financial Markets grew its position in National Energy Services Reunited by 92.6% during the second quarter. BNP Paribas Financial Markets now owns 17,339 shares of the company's stock valued at $104,000 after buying an additional 8,337 shares during the period. Boothbay Fund Management LLC acquired a new stake in National Energy Services Reunited during the second quarter valued at $138,000. Finally, Bridgeway Capital Management LLC acquired a new stake in National Energy Services Reunited during the second quarter valued at $2,446,000. Hedge funds and other institutional investors own 15.55% of the company's stock.

National Energy Services Reunited Trading Up 9.0%

The company has a market cap of $1.06 billion, a price-to-earnings ratio of 14.22 and a beta of 0.32. The company has a quick ratio of 0.93, a current ratio of 1.11 and a debt-to-equity ratio of 0.24. The company's 50-day moving average is $9.05 and its 200 day moving average is $7.26.

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

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.