National Energy Services Reunited (NASDAQ:NESR) Shares Down 7.4% – Here’s Why

National Energy Services Reunited Corp. (NASDAQ:NESR)’s share price dropped 7.4% during trading on Thursday . The stock traded as low as $7.43 and last traded at $7.49. Approximately 166,653 shares traded hands during trading, a decline of 11% from the average daily volume of 186,485 shares. The stock had previously closed at $8.09.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NESR. JPMorgan Chase & Co. began coverage on National Energy Services Reunited in a research note on Friday, December 6th. They set an “overweight” rating and a $13.00 price objective on the stock. Benchmark began 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. Finally, Barclays raised their price objective on National Energy Services Reunited from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Thursday.

National Energy Services Reunited Trading Up 1.9 %

The company has a current ratio of 1.10, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33. The business has a fifty day moving average price of $8.85 and a 200 day moving average price of $8.97.

National Energy Services Reunited (NASDAQ:NESR) last announced its earnings results on Wednesday, March 12th. The company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $343.68 million for the quarter, compared to the consensus estimate of $339.84 million. Sell-side analysts anticipate that National Energy Services Reunited Corp. will post 1.03 EPS for the current year.

Institutional Investors Weigh In On National Energy Services Reunited

A number of institutional investors have recently bought and sold shares of NESR. HITE Hedge Asset Management LLC acquired a new stake in National Energy Services Reunited during the 3rd quarter worth about $6,645,000. R Squared Ltd purchased a new stake in shares of National Energy Services Reunited during the 4th quarter worth about $41,000. Iridian Asset Management LLC CT purchased a new stake in shares of National Energy Services Reunited during the 4th quarter worth about $1,378,000. Tejara Capital Ltd purchased a new stake in shares of National Energy Services Reunited during the 4th quarter worth about $3,600,000. Finally, Sei Investments Co. purchased a new stake in shares of National Energy Services Reunited during the 4th quarter worth about $328,000. 15.55% of the stock is currently owned by institutional investors and hedge funds.

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.