National Energy Services Reunited (NASDAQ:NESR) Sees Large Volume Increase Following Strong Earnings

Key Points

• National Energy Services Reunited (NASDAQ:NESR) reported quarterly earnings of $0.21 EPS, surpassing analysts' expectations of $0.19 by $0.02, which contributed to a noticeable increase in trading volume.
• The stock price rose to $8.21, reflecting a significant increase from its previous close of $7.29, as the firm’s market cap reached $793.78 million.
• Investment analysts maintain a generally positive outlook on NESR, with an average rating of "Buy" and a target price of $14.20, although some firms have adjusted their ratings recently.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) saw an uptick in trading volume on Wednesday after the company announced better than expected quarterly earnings. 420,959 shares changed hands during trading, a decline of 7% from the previous session's volume of 453,933 shares.The stock last traded at $8.21 and had previously closed at $7.29.

The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.02. National Energy Services Reunited had a net margin of 5.87% and a return on equity of 10.96%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on NESR shares. Piper Sandler initiated coverage on National Energy Services Reunited in a report on Monday, July 14th. They issued an "overweight" rating and a $11.00 price objective on the stock. Wall Street Zen lowered National Energy Services Reunited from a "buy" rating to a "hold" rating in a research note on Sunday. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $14.20.

Institutional Trading of National Energy Services Reunited

A number of institutional investors and hedge funds have recently bought and sold shares of NESR. Iridian Asset Management LLC CT lifted its position in shares of National Energy Services Reunited by 78.1% during the first quarter. Iridian Asset Management LLC CT now owns 273,944 shares of the company's stock worth $2,016,000 after purchasing an additional 120,108 shares in the last quarter. Millennium Management LLC acquired a new stake in National Energy Services Reunited during the 4th quarter worth approximately $3,515,000. Bank of America Corp DE purchased a new position in National Energy Services Reunited in the 4th quarter valued at approximately $1,208,000. Ameriprise Financial Inc. purchased a new position in National Energy Services Reunited in the 4th quarter valued at approximately $1,162,000. Finally, Kazazian Asset Management LLC acquired a new position in shares of National Energy Services Reunited in the first quarter worth $422,000. 15.55% of the stock is currently owned by hedge funds and other institutional investors.

National Energy Services Reunited Trading Up 12.9%

The company's 50 day simple moving average is $6.41 and its 200 day simple moving average is $6.92. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.10 and a quick ratio of 0.90. The firm has a market cap of $793.78 million, a price-to-earnings ratio of 10.15 and a beta of 0.39.

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.

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