National Energy Services Reunited (NASDAQ:NESR) Shares Gap Up – Here’s What Happened

National Energy Services Reunited (NASDAQ:NESR) gapped up before the market opened on Tuesday . The stock had previously closed at $28.49, but opened at $29.76. National Energy Services Reunited shares last traded at $29.6650, with a volume of 394,478 shares.

Analysts Set New Price Targets

NESR has been the subject of a number of recent analyst reports. BTIG Research raised their price objective on shares of National Energy Services Reunited from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Piper Sandler increased their target price on National Energy Services Reunited from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Barclays increased their target price on National Energy Services Reunited from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 13th. UBS Group restated a “buy” rating and issued a $36.00 price target on shares of National Energy Services Reunited in a research note on Tuesday. Finally, Weiss Ratings raised National Energy Services Reunited from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, National Energy Services Reunited currently has an average rating of “Moderate Buy” and an average price target of $29.43.

National Energy Services Reunited Stock Up 4.5%

The company has a debt-to-equity ratio of 0.18, a current ratio of 1.04 and a quick ratio of 0.90. The firm’s 50-day simple moving average is $25.08 and its two-hundred day simple moving average is $21.78. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of 45.81, a price-to-earnings-growth ratio of 0.36 and a beta of 0.35.

National Energy Services Reunited (NASDAQ:NESR) last issued its earnings results on Monday, May 11th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.05. National Energy Services Reunited had a net margin of 4.53% and a return on equity of 9.77%. The company had revenue of $404.59 million during the quarter, compared to analysts’ expectations of $370.87 million. National Energy Services Reunited’s revenue for the quarter was up 33.5% on a year-over-year basis. Sell-side analysts predict that National Energy Services Reunited will post 1.68 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Yousif Mohammed Ali Al-Nowais sold 1,919,594 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $26.80, for a total value of $51,445,119.20. Following the completion of the transaction, the director directly owned 229,198 shares of the company’s stock, valued at $6,142,506.40. This trade represents a 89.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 5,129,198 shares of company stock valued at $135,731,984. Company insiders own 9.70% of the company’s stock.

Institutional Trading of National Energy Services Reunited

Several large investors have recently bought and sold shares of NESR. Royal Bank of Canada raised its stake in shares of National Energy Services Reunited by 373.8% during the 4th quarter. Royal Bank of Canada now owns 1,900 shares of the company’s stock worth $30,000 after buying an additional 1,499 shares during the last quarter. Legal & General Group Plc purchased a new position in National Energy Services Reunited during the 2nd quarter valued at about $34,000. Acadian Asset Management LLC purchased a new position in National Energy Services Reunited during the 1st quarter valued at about $48,000. Osaic Holdings Inc. acquired a new position in National Energy Services Reunited during the second quarter worth about $73,000. Finally, State of Wyoming purchased a new stake in shares of National Energy Services Reunited in the fourth quarter valued at about $76,000. Institutional investors and hedge funds own 15.55% of the company’s stock.

About National Energy Services Reunited

National Energy Services Reunited Corp (NASDAQ: NESR) is a publicly traded oilfield services company formed in 2021 through a business combination that brought together complementary drilling and production service providers. The company’s mission is to deliver integrated solutions across the upstream oil and gas value chain, combining regional expertise with global operational standards.

NESR’s service portfolio spans drilling, completion and production, offering products and capabilities such as cementing, coiled tubing, hydraulic fracturing, well stimulation, pumping services and intervention solutions.