Readystate Asset Management LP Makes New Investment in National Energy Services Reunited $NESR

Readystate Asset Management LP acquired a new position in shares of National Energy Services Reunited (NASDAQ:NESR) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 191,241 shares of the company’s stock, valued at approximately $5,724,000. Readystate Asset Management LP owned approximately 0.19% of National Energy Services Reunited as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in NESR. Dodge & Cox boosted its holdings in National Energy Services Reunited by 5.6% in the third quarter. Dodge & Cox now owns 2,255,894 shares of the company’s stock valued at $23,145,000 after purchasing an additional 119,100 shares in the last quarter. Citadel Advisors LLC purchased a new position in National Energy Services Reunited in the third quarter valued at approximately $22,722,000. Dimensional Fund Advisors LP raised its holdings in National Energy Services Reunited by 103.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,960,587 shares of the company’s stock worth $42,088,000 after purchasing an additional 997,300 shares in the last quarter. Boston Partners raised its holdings in National Energy Services Reunited by 155.6% during the fourth quarter. Boston Partners now owns 1,953,328 shares of the company’s stock worth $30,594,000 after purchasing an additional 1,189,035 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of National Energy Services Reunited by 1,482.3% during the 4th quarter. Millennium Management LLC now owns 1,237,585 shares of the company’s stock worth $19,381,000 after buying an additional 1,159,372 shares during the last quarter. Hedge funds and other institutional investors own 15.55% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Barclays increased their target price on shares of National Energy Services Reunited from $35.00 to $45.00 and gave the company an “overweight” rating in a research report on Tuesday, August 11th. UBS Group upped their price objective on shares of National Energy Services Reunited from $36.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Citigroup restated a “buy” rating on shares of National Energy Services Reunited in a research note on Monday, August 10th. Wall Street Zen upgraded National Energy Services Reunited from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Finally, Zacks Research upgraded National Energy Services Reunited from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to data from MarketBeat, National Energy Services Reunited presently has a consensus rating of “Buy” and an average target price of $33.57.

Insider Activity

In related news, CFO Stefan Angeli sold 13,570 shares of National Energy Services Reunited stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $35.12, for a total value of $476,578.40. Following the transaction, the chief financial officer directly owned 549,763 shares in the company, valued at $19,307,676.56. This trade represents a 2.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sherif Foda sold 100,000 shares of the company’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $35.00, for a total transaction of $3,500,000.00. Following the transaction, the chief executive officer owned 3,084,643 shares of the company’s stock, valued at approximately $107,962,505. The trade was a 3.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 3,434,814 shares of company stock valued at $92,302,996. Company insiders own 9.70% of the company’s stock.

National Energy Services Reunited Stock Performance

Shares of National Energy Services Reunited stock opened at $34.75 on Monday. The firm’s fifty day simple moving average is $30.61 and its 200-day simple moving average is $26.24. National Energy Services Reunited has a 12 month low of $9.31 and a 12 month high of $36.94. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 37.77, a PEG ratio of 0.33 and a beta of 0.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 0.86.

National Energy Services Reunited (NASDAQ:NESR) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.09. National Energy Services Reunited had a net margin of 5.77% and a return on equity of 12.07%. The company had revenue of $520.75 million for the quarter, compared to analyst estimates of $448.54 million. National Energy Services Reunited’s quarterly revenue was up 59.1% on a year-over-year basis. As a group, equities analysts forecast that National Energy Services Reunited will post 1.82 earnings per share for the current year.

National Energy Services Reunited Company Profile

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.