National Energy Services Reunited (NASDAQ:NESR) Shares Down 3.9% - Here's Why

National Energy Services Reunited (NASDAQ:NESR - Get Free Report)'s stock price dropped 3.9% on Wednesday . The stock traded as low as $6.48 and last traded at $6.44. Approximately 25,547 shares were traded during trading, a decline of 91% from the average daily volume of 270,371 shares. The stock had previously closed at $6.70.

Analyst Ratings Changes

Separately, Wall Street Zen cut National Energy Services Reunited from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $15.00.

National Energy Services Reunited Trading Up 0.2%

The company has a current ratio of 1.10, a quick ratio of 0.90 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $613.42 million, a P/E ratio of 6.12 and a beta of 0.36. The business has a 50 day moving average price of $6.19 and a 200 day moving average price of $7.37.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last announced its quarterly earnings results on Tuesday, June 3rd. The company reported $0.14 EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.06). The company had revenue of $303.10 million during 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%. Analysts anticipate that National Energy Services Reunited will post 1.03 EPS for the current year.

Hedge Funds Weigh In On National Energy Services Reunited

Several hedge funds have recently made changes to their positions in the business. Millennium Management LLC acquired a new stake in shares of National Energy Services Reunited in the 4th quarter valued at approximately $3,515,000. Bank of America Corp DE acquired a new stake in shares of National Energy Services Reunited during the fourth quarter worth $1,208,000. Ameriprise Financial Inc. acquired a new stake in shares of National Energy Services Reunited during the fourth quarter worth $1,162,000. SCF Partners Inc. acquired a new stake in shares of National Energy Services Reunited during the fourth quarter worth $71,605,000. Finally, Iridian Asset Management LLC CT lifted its holdings 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 buying an additional 120,108 shares in the last quarter. 15.55% of the stock is owned by 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.