National Energy Services Reunited (NASDAQ:NESR) has posted its quarterly earnings, showing a robust performance that exceeded market expectations. For the quarter, the company reported earnings of $0.16 per share, surpassing the consensus estimate of $0.15 by $0.01. The results reflect a return on equity of 8.32% and a net margin of 5.53%, indicating strong operational efficiency.
The company generated revenue of $295.32 million, exceeding analysts’ predictions of $292.46 million. This solid revenue performance is a positive indicator of the company’s growth trajectory in the oilfield services sector.
Stock Performance and Analyst Ratings
Following the earnings announcement, shares of NESR traded down $0.22 on Friday, bringing the stock price to $13.75 during trading hours. The trading volume reached 1,589,689 shares, significantly above the average volume of 1,304,391. As it stands, National Energy Services Reunited has a market capitalization of $1.33 billion, a price-to-earnings ratio of 18.84, and a beta of 0.38. The company’s stock has fluctuated between a twelve-month low of $5.20 and a high of $14.50.
Several financial analysts have recently adjusted their ratings on NESR shares. National Bankshares set a price target of $16.00, while Maxim Group initiated coverage with a similar target and a “buy” rating. Conversely, Wall Street Zen downgraded the stock from “buy” to “hold.” Notably, JPMorgan Chase & Co. raised its target from $10.00 to $19.00, maintaining an “overweight” rating.
Currently, six analysts rate the stock as a “buy,” while two recommend holding it, leading to an average rating of “Moderate Buy” with a consensus price target of $16.29, according to data from MarketBeat.
Institutional Investment Trends
Recent trading activity has seen significant institutional involvement in National Energy Services Reunited. Creative Planning acquired a new stake worth $211,000 in the third quarter. Meanwhile, Raymond James Financial Inc. also entered a new position valued at approximately $126,000. Additionally, Two Sigma Investments LP invested around $871,000.
Bridgeway Capital Management LLC increased its holdings by 41.3% during the same period, now owning 573,956 shares valued at $5.89 million. The share of ownership held by hedge funds and institutional investors stands at 15.55%.
About National Energy Services Reunited:
National Energy Services Reunited Corp. specializes in providing oilfield services primarily in the Middle East and North Africa. Its diverse service offerings include hydraulic fracturing, coiled tubing, and various pipeline and industrial services, catering to a wide range of operational needs in the energy sector.
As the company continues to navigate the complexities of the energy market, these financial results and institutional movements suggest a cautiously optimistic outlook for its future performance.
