National Energy Services Reunited (NASDAQ:NESR) Sees Significant Decline in Short Interest
by Sarita Garza · The Markets DailyNational Energy Services Reunited (NASDAQ:NESR – Get Free Report) saw a large decline in short interest in the month of February. As of February 27th, there was short interest totaling 2,166,585 shares, a decline of 13.8% from the February 12th total of 2,514,871 shares. Currently, 2.2% of the company’s shares are sold short. Based on an average daily trading volume, of 2,055,938 shares, the short-interest ratio is currently 1.1 days. Based on an average daily trading volume, of 2,055,938 shares, the short-interest ratio is currently 1.1 days. Currently, 2.2% of the company’s shares are sold short.
Analysts Set New Price Targets
Several analysts have recently weighed in on the stock. Bank of America assumed coverage on shares of National Energy Services Reunited in a research note on Friday, January 9th. They set a “buy” rating for the company. Barclays raised their price objective on National Energy Services Reunited to $34.00 and gave the stock an “overweight” rating in a report on Wednesday, February 18th. Piper Sandler upped their target price on National Energy Services Reunited from $15.00 to $19.00 and gave the stock an “overweight” rating in a report on Tuesday, November 18th. BTIG Research increased their price target on National Energy Services Reunited from $16.00 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Finally, Maxim Group set a $30.00 target price on shares of National Energy Services Reunited in a research report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $26.00.
Read Our Latest Research Report on NESR
National Energy Services Reunited Stock Up 1.2%
Shares of NESR traded up $0.25 during midday trading on Tuesday, hitting $20.86. 1,441,459 shares of the company’s stock traded hands, compared to its average volume of 1,807,092. National Energy Services Reunited has a 1 year low of $5.20 and a 1 year high of $26.85. The firm’s fifty day moving average is $20.86 and its 200-day moving average is $15.43. The company has a current ratio of 1.04, a quick ratio of 0.89 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 39.33, a price-to-earnings-growth ratio of 0.52 and a beta of 0.17.
National Energy Services Reunited (NASDAQ:NESR – Get Free Report) last announced its earnings results on Tuesday, February 17th. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.07. National Energy Services Reunited had a return on equity of 8.50% and a net margin of 3.86%.The firm had revenue of $398.26 million for the quarter. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, sell-side analysts anticipate that National Energy Services Reunited will post 1.03 earnings per share for the current year.
Institutional Investors Weigh In On National Energy Services Reunited
Large investors have recently modified their holdings of the business. Millennium Management LLC raised its position in shares of National Energy Services Reunited by 38.2% in the 1st quarter. Millennium Management LLC now owns 542,135 shares of the company’s stock valued at $3,990,000 after purchasing an additional 149,796 shares during the last quarter. Jane Street Group LLC purchased a new stake in National Energy Services Reunited during the 1st quarter worth approximately $1,425,000. Acadian Asset Management LLC acquired a new position in National Energy Services Reunited during the 1st quarter valued at approximately $48,000. ProShare Advisors LLC purchased a new position in shares of National Energy Services Reunited in the second quarter worth $75,000. Finally, Geode Capital Management LLC raised its holdings in shares of National Energy Services Reunited by 2,227.2% in the second quarter. Geode Capital Management LLC now owns 815,209 shares of the company’s stock worth $4,908,000 after buying an additional 780,180 shares during the last quarter. 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 (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.