Piper Sandler Issues Positive Forecast for National Energy Services Reunited (NASDAQ:NESR) Stock Price

Key Points

• Piper Sandler has increased the price target for National Energy Services Reunited (NASDAQ:NESR) from $11.00 to $13.00, reflecting a potential upside of 56.44%.
• Despite Piper Sandler's bullish outlook, Wall Street Zen downgraded the stock from a "buy" rating to a "hold," while five analysts maintain a "buy" rating with a consensus price target of $14.60.
• Shares of NESR have increased by 14.0% recently, and the company reported earnings per share that slightly exceeded analysts' expectations.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) had its target price boosted by Piper Sandler from $11.00 to $13.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price objective would suggest a potential upside of 50.29% from the stock's current price.

Separately, Wall Street Zen lowered shares of National Energy Services Reunited from a "buy" rating to a "hold" rating in a research report on Sunday, August 17th. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $14.60.

National Energy Services Reunited Price Performance

NASDAQ:NESR traded up $0.12 during midday trading on Thursday, hitting $8.65. The company had a trading volume of 966,826 shares, compared to its average volume of 717,328. National Energy Services Reunited has a 52-week low of $5.20 and a 52-week high of $9.89. The stock's fifty day moving average price is $6.55 and its 200-day moving average price is $6.91. The company has a market capitalization of $834.29 million, a PE 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 earnings results on Wednesday, August 20th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. National Energy Services Reunited had a net margin of 5.57% and a return on equity of 9.91%. The company had revenue of $327.37 million during the quarter, compared to analyst estimates of $316.07 million. As a group, research analysts expect that National Energy Services Reunited will post 1.03 earnings per share for the current year.

Institutional Trading of National Energy Services Reunited

Several institutional investors have recently added to or reduced their stakes in NESR. Encompass Capital Advisors LLC boosted its holdings in shares of 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 worth $55,419,000 after purchasing an additional 382,640 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of 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 worth $104,000 after purchasing an additional 8,337 shares during the period. Boothbay Fund Management LLC purchased a new stake in shares of National Energy Services Reunited during the second quarter worth about $138,000. Bridgeway Capital Management LLC purchased a new stake in shares of National Energy Services Reunited during the second quarter worth about $2,446,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of National Energy Services Reunited during the second quarter worth about $201,000. 15.55% of the stock is currently owned by hedge funds and other 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.