National Energy Services Reunited (NASDAQ:NESR) Shares Gap Up - Still a 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.

Shares of National Energy Services Reunited (NASDAQ:NESR - Get Free Report) gapped up before the market opened 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

Several research firms have recently issued reports on NESR. Wall Street Zen lowered National Energy Services Reunited from a "buy" rating to a "hold" rating in a report on Sunday. Piper Sandler initiated coverage on National Energy Services Reunited in a research note on Monday, July 14th. They set an "overweight" rating and a $11.00 price target on the stock. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $14.20.

National Energy Services Reunited Stock Performance

The stock has a market capitalization of $695.43 million, a P/E ratio of 8.91 and a beta of 0.39. The company has a 50 day simple moving average of $6.39 and a 200-day simple moving average of $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.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last released its quarterly earnings data on Tuesday, June 3rd. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.06). The company had revenue of $303.10 million for the quarter, compared to the consensus estimate of $304.68 million. National Energy Services Reunited had a net margin of 5.87% and a return on equity of 10.96%. On average, equities analysts forecast that National Energy Services Reunited will post 1.03 EPS for the current year.

Institutional Investors Weigh In On National Energy Services Reunited

Several institutional investors and hedge funds have recently bought and sold shares of NESR. Iridian Asset Management LLC CT increased its holdings in shares of National Energy Services Reunited by 78.1% in the 1st 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 bought a new stake in National Energy Services Reunited during the fourth quarter valued at about $3,515,000. Bank of America Corp DE purchased a new position in shares of National Energy Services Reunited in the fourth quarter valued at about $1,208,000. Ameriprise Financial Inc. purchased a new position in shares of National Energy Services Reunited in the fourth quarter valued at about $1,162,000. Finally, Kazazian Asset Management LLC purchased a new position in shares of National Energy Services Reunited in the first quarter valued at about $422,000. Hedge funds and other institutional investors own 15.55% of the company's stock.

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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