National Energy Services Reunited (NASDAQ:NESR) Downgraded by Wall Street Zen to "Hold"

Key Points

• National Energy Services Reunited (NASDAQ:NESR) was downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, impacting its investor perception.
• Piper Sandler initiated coverage on NESR with an "overweight" rating and a target price of $11.00, amidst a consensus rating of "Moderate Buy" from analysts.
• The company reported a revenue of $303.10 million for the last quarter, which fell short of the consensus estimate of $304.68 million, and it also missed earnings estimates, reporting $0.14 EPS instead of the expected $0.20.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Sunday.

Separately, Piper Sandler began coverage on National Energy Services Reunited in a research note on Monday, July 14th. They issued an "overweight" rating and a $11.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $14.60.

National Energy Services Reunited Trading Up 2.0%

NASDAQ NESR traded up $0.17 on Friday, reaching $8.48. The company had a trading volume of 105,366 shares, compared to its average volume of 463,816. 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 business has a 50 day moving average of $6.45 and a two-hundred day moving average of $6.93. National Energy Services Reunited has a fifty-two week low of $5.20 and a fifty-two week high of $9.89. The firm has a market cap of $817.90 million, a price-to-earnings ratio of 10.41 and a beta of 0.39.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 20th. The company reported $0.21 earnings per share for the quarter, topping analysts' consensus estimates of $0.19 by $0.02. National Energy Services Reunited had a return on equity of 10.96% and a net margin of 5.87%.The firm had revenue of $327.37 million during the quarter, compared to the consensus estimate of $316.07 million. Analysts forecast 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 added to or reduced their stakes in NESR. Encompass Capital Advisors LLC grew its stake in National Energy Services Reunited by 4.3% in the 2nd quarter. Encompass Capital Advisors LLC now owns 9,205,887 shares of the company's stock worth $55,419,000 after acquiring an additional 382,640 shares in the last quarter. Fort Baker Capital Management LP bought a new position in shares of National Energy Services Reunited during the fourth quarter valued at approximately $27,670,000. Balyasny Asset Management L.P. bought a new position in shares of National Energy Services Reunited during the fourth quarter valued at approximately $20,330,000. Dodge & Cox boosted its stake in shares of National Energy Services Reunited by 201.6% during the second quarter. Dodge & Cox now owns 2,136,794 shares of the company's stock valued at $12,864,000 after purchasing an additional 1,428,200 shares in the last quarter. Finally, GeoSphere Capital Management LLC bought a new position in shares of National Energy Services Reunited during the fourth quarter valued at approximately $10,443,000. 15.55% of the stock is currently owned by institutional investors.

About National Energy Services Reunited

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.