National Energy Services Reunited (NASDAQ:NESR) Shares Gap Up - Time to Buy?

Key Points

• National Energy Services Reunited's shares gapped up, opening at $7.47 after a previous close of $7.20, and were last trading at $7.36 with significant volume.
• Analysts have mixed ratings, with Wall Street Zen downgrading the stock from "buy" to "hold," while Piper Sandler set a new price target of $11.00 and maintained an "overweight" rating.
• The company reported a missed EPS of $0.14, falling short of the $0.20 consensus estimate, along with revenues slightly below expectations at $303.10 million.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $7.20, but opened at $7.47. National Energy Services Reunited shares last traded at $7.36, with a volume of 189,745 shares traded.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on NESR shares. Wall Street Zen lowered National Energy Services Reunited from a "buy" rating to a "hold" rating in a research note on Sunday, August 17th. Piper Sandler upped their price objective on National Energy Services Reunited from $11.00 to $13.00 and gave the stock an "overweight" rating in a research note on Thursday. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, National Energy Services Reunited currently has a consensus rating of "Buy" and an average target price of $14.60.

National Energy Services Reunited Stock Performance

The business has a 50 day moving average of $6.55 and a 200 day moving average of $6.91. The company has a market capitalization of $834.29 million, a P/E ratio of 11.23 and a beta of 0.39. The company has a quick ratio of 0.90, a current ratio of 1.11 and a debt-to-equity ratio of 0.24.

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

Institutional Investors Weigh In On National Energy Services Reunited

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Encompass Capital Advisors LLC raised 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 purchasing an additional 382,640 shares during the period. BNP Paribas Financial Markets raised 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 purchasing an additional 8,337 shares during the period. Boothbay Fund Management LLC purchased a new stake in National Energy Services Reunited during the second quarter valued at approximately $138,000. Bridgeway Capital Management LLC purchased a new stake in National Energy Services Reunited during the second quarter valued at approximately $2,446,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in National Energy Services Reunited during the second quarter valued at approximately $201,000. 15.55% of the stock is currently 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.