National Energy Services Reunited (NASDAQ:NESR) Sees Large Volume Increase – Still a Buy?

National Energy Services Reunited Corp. (NASDAQ:NESR) shares saw an uptick in trading volume on Monday . 613,886 shares were traded during mid-day trading, an increase of 152% from the previous session’s volume of 243,351 shares.The stock last traded at $6.30 and had previously closed at $6.46.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NESR. Barclays lifted their price target on National Energy Services Reunited from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Thursday, March 13th. Benchmark initiated coverage on National Energy Services Reunited in a research note on Tuesday, January 21st. They set a “buy” rating and a $15.00 price objective on the stock.

National Energy Services Reunited Price Performance

The stock has a 50 day simple moving average of $6.71 and a two-hundred day simple moving average of $8.08. The company has a market cap of $613.73 million, a price-to-earnings ratio of 7.99 and a beta of 0.42. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.10 and a quick ratio of 0.91.

National Energy Services Reunited (NASDAQ:NESR) last released its quarterly earnings data on Wednesday, March 12th. The company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $343.68 million for the quarter, compared to analyst estimates of $339.84 million. On average, equities research analysts predict that National Energy Services Reunited Corp. will post 1.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On National Energy Services Reunited

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NESR. R Squared Ltd purchased a new stake in National Energy Services Reunited in the fourth quarter valued at $41,000. Iridian Asset Management LLC CT purchased a new stake in National Energy Services Reunited in the fourth quarter valued at $1,378,000. Tejara Capital Ltd purchased a new stake in National Energy Services Reunited in the fourth quarter valued at $3,600,000. Sei Investments Co. purchased a new stake in National Energy Services Reunited in the fourth quarter valued at $328,000. Finally, JPMorgan Chase & Co. purchased a new stake in National Energy Services Reunited in the fourth quarter valued at $394,000. Hedge funds and other institutional investors own 15.55% of the company’s stock.

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.