National Energy Services Reunited (NASDAQ:NESR) Stock Price Down 7% – Here’s Why

National Energy Services Reunited (NASDAQ:NESR)’s share price fell 7% during trading on Monday. The company traded as low as $30.20 and last traded at $29.8950. 1,077,679 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 1,974,233 shares. The stock had previously closed at $32.13.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Barclays increased their target price on 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. Zacks Research upgraded shares of National Energy Services Reunited from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 29th. Citigroup reaffirmed a “buy” rating on shares of National Energy Services Reunited in a report on Monday, August 10th. UBS Group dropped their target price on shares of National Energy Services Reunited from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Piper Sandler boosted their target price on shares of National Energy Services Reunited from $33.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $33.71.

National Energy Services Reunited Price Performance

The company has a 50-day moving average of $32.04 and a 200 day moving average of $27.29. The company has a quick ratio of 0.86, a current ratio of 1.02 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.67 billion, a PE ratio of 28.79, a PEG ratio of 0.27 and a beta of 0.39.

National Energy Services Reunited (NASDAQ:NESR) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.09. National Energy Services Reunited had a return on equity of 12.07% and a net margin of 5.77%.The company had revenue of $520.75 million for the quarter, compared to analyst estimates of $448.54 million. The business’s revenue was up 59.1% compared to the same quarter last year. Sell-side analysts predict that National Energy Services Reunited will post 1.88 EPS for the current year.

Insider Transactions at National Energy Services Reunited

In other news, CFO Stefan Angeli sold 13,570 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $19,307,676.56. This trade represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Mejia Antonio J. Campo sold 63,324 shares of the business’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $35.45, for a total transaction of $2,244,835.80. Following the transaction, the director owned 696,398 shares in the company, valued at $24,687,309.10. The trade was a 8.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 176,894 shares of company stock valued at $6,221,414. Corporate insiders own 9.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in shares of National Energy Services Reunited by 103.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,960,587 shares of the company’s stock valued at $42,088,000 after purchasing an additional 997,300 shares during the last quarter. Walleye Capital LLC purchased a new stake in National Energy Services Reunited in the 1st quarter valued at $19,045,000. Arrowstreet Capital Limited Partnership grew its holdings in National Energy Services Reunited by 75.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 846,597 shares of the company’s stock valued at $18,176,000 after buying an additional 365,217 shares in the last quarter. HITE Hedge Asset Management LLC grew its holdings in National Energy Services Reunited by 43.7% in the 4th quarter. HITE Hedge Asset Management LLC now owns 919,381 shares of the company’s stock valued at $14,398,000 after buying an additional 279,543 shares in the last quarter. Finally, Squarepoint Ops LLC increased its stake in shares of National Energy Services Reunited by 39.2% in the 2nd quarter. Squarepoint Ops LLC now owns 476,608 shares of the company’s stock worth $14,265,000 after acquiring an additional 134,316 shares during the last quarter. 15.55% of the stock is currently owned by institutional investors and hedge funds.

About National Energy Services Reunited

National Energy Services Reunited Corp. is an oilfield services company that provides equipment, technologies and technical support to energy producers and drilling contractors. Its activities are primarily focused on the Middle East, North Africa and South Asia.

The company operates through two broad business areas: drilling and evaluation, and well services. Its offerings include drilling services, wireline and logging, well testing, cementing, coiled tubing, hydraulic fracturing, stimulation, artificial lift, completion services and production enhancement.