National Energy Services Reunited (NASDAQ:NESR) Sees Strong Trading Volume – Here’s Why

National Energy Services Reunited Corp. (NASDAQ:NESR) saw unusually-strong trading volume on Tuesday . Approximately 1,880,766 shares changed hands during trading, an increase of 1,265% from the previous session’s volume of 137,807 shares.The stock last traded at $7.42 and had previously closed at $7.36.

Analyst Ratings Changes

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

National Energy Services Reunited Stock Down 1.3 %

The stock has a market cap of $707.86 million, a price-to-earnings ratio of 9.51 and a beta of 0.35. The business’s 50 day moving average is $8.55 and its 200-day moving average is $8.80. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 1.10.

National Energy Services Reunited (NASDAQ:NESR) last released its earnings results on Wednesday, March 12th. The company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $343.68 million for the quarter, compared to analysts’ expectations of $339.84 million. On average, sell-side analysts predict that National Energy Services Reunited Corp. will post 1.03 EPS for the current fiscal year.

Institutional Trading of National Energy Services Reunited

Several large investors have recently made changes to their positions in the company. R Squared Ltd purchased a new stake in shares of National Energy Services Reunited in the fourth quarter valued at approximately $41,000. Tower Research Capital LLC TRC acquired a new position in shares of National Energy Services Reunited during the 4th quarter valued at about $49,000. National Bank of Canada FI acquired a new stake in National Energy Services Reunited during the fourth quarter worth about $74,000. TD Waterhouse Canada Inc. acquired a new position in National Energy Services Reunited in the 4th quarter valued at about $89,000. Finally, Robotti Robert acquired a new stake in shares of National Energy Services Reunited during the 4th quarter worth approximately $90,000. 15.55% of the stock is currently owned by hedge funds and other institutional investors.

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.