National Energy Services Reunited (NASDAQ:NESR) Trading Up 6.6% – Here’s Why

National Energy Services Reunited Corp. (NASDAQ:NESR)’s stock price was up 6.6% on Wednesday . The company traded as high as $8.49 and last traded at $8.10. Approximately 11,330 shares changed hands during trading, a decline of 94% from the average daily volume of 175,803 shares. The stock had previously closed at $7.60.

Analysts Set New Price Targets

Several analysts have commented on the company. Barclays reiterated an “overweight” rating and set a $16.00 target price on shares of National Energy Services Reunited in a research note on Friday, January 31st. Benchmark began coverage on National Energy Services Reunited in a report on Tuesday, January 21st. They issued a “buy” rating and a $15.00 price objective for the company. Finally, JPMorgan Chase & Co. started coverage on National Energy Services Reunited in a report on Friday, December 6th. They issued an “overweight” rating and a $13.00 target price on the stock.

National Energy Services Reunited Trading Up 7.3 %

The company has a quick ratio of 0.91, a current ratio of 1.10 and a debt-to-equity ratio of 0.33. The stock has a fifty day moving average of $8.90 and a 200 day moving average of $8.99.

National Energy Services Reunited (NASDAQ:NESR) last announced its quarterly earnings data on Wednesday, March 12th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. As a group, analysts forecast that National Energy Services Reunited Corp. will post 1.03 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. HITE Hedge Asset Management LLC bought a new stake in shares of National Energy Services Reunited during the third quarter valued at approximately $6,645,000. Iridian Asset Management LLC CT purchased a new stake in National Energy Services Reunited during the fourth quarter valued at approximately $1,378,000. R Squared Ltd purchased a new position in National Energy Services Reunited during the fourth quarter worth $41,000. Dodge & Cox bought a new position in National Energy Services Reunited during the fourth quarter valued at $6,882,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in National Energy Services Reunited during the 4th quarter valued at about $107,000. Hedge funds and other institutional investors own 15.55% of the company’s stock.

National Energy Services Reunited Company Profile

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.