National Energy Services Reunited (NASDAQ:NESR) Stock Price Down 15.1% – Here’s Why

Shares of National Energy Services Reunited Corp. (NASDAQ:NESR) dropped 15.1% during trading on Friday . The company traded as low as $5.91 and last traded at $6.00. Approximately 224,070 shares traded hands during trading, a decline of 3% from the average daily volume of 231,056 shares. The stock had previously closed at $7.06.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NESR. JPMorgan Chase & Co. assumed coverage on shares of National Energy Services Reunited in a report on Friday, December 6th. They set an “overweight” rating and a $13.00 price objective for the company. Barclays increased their price target on National Energy Services Reunited from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Thursday, March 13th. Finally, Benchmark started coverage on shares of National Energy Services Reunited in a report on Tuesday, January 21st. They set a “buy” rating and a $15.00 price objective on the stock.

National Energy Services Reunited Price Performance

The firm has a market cap of $596.45 million, a PE ratio of 7.76 and a beta of 0.35. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.10 and a quick ratio of 0.91. The business’s fifty day moving average is $8.50 and its 200-day moving average is $8.79.

National Energy Services Reunited (NASDAQ:NESR) last posted its quarterly earnings data on Wednesday, March 12th. The company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $343.68 million during the quarter, compared to analysts’ expectations of $339.84 million. On average, research analysts predict that National Energy Services Reunited Corp. will post 1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On National Energy Services Reunited

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. R Squared Ltd bought a new position in National Energy Services Reunited in the 4th quarter worth approximately $41,000. Tower Research Capital LLC TRC purchased a new position in shares of National Energy Services Reunited during the 4th quarter valued at $49,000. National Bank of Canada FI bought a new position in shares of National Energy Services Reunited in the fourth quarter worth $74,000. TD Waterhouse Canada Inc. purchased a new position in National Energy Services Reunited during the fourth quarter worth about $89,000. Finally, Robotti Robert bought a new stake in shares of National Energy Services Reunited during the 4th quarter valued at about $90,000. Institutional investors own 15.55% of the company’s stock.

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.