Encompass Capital Advisors LLC Sells 2,841,895 Shares of National Energy Services Reunited $NESR

Encompass Capital Advisors LLC lessened its holdings in National Energy Services Reunited (NASDAQ:NESR) by 40.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,261,389 shares of the company’s stock after selling 2,841,895 shares during the period. National Energy Services Reunited comprises 2.7% of Encompass Capital Advisors LLC’s holdings, making the stock its 5th biggest holding. Encompass Capital Advisors LLC owned approximately 4.23% of National Energy Services Reunited worth $91,492,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of NESR. Royal Bank of Canada lifted its holdings in shares of National Energy Services Reunited by 373.8% in the fourth quarter. Royal Bank of Canada now owns 1,900 shares of the company’s stock worth $30,000 after acquiring an additional 1,499 shares during the last quarter. Legal & General Group Plc bought a new stake in shares of National Energy Services Reunited during the 2nd quarter valued at approximately $34,000. Acadian Asset Management LLC acquired a new position in National Energy Services Reunited during the 1st quarter worth approximately $48,000. Osaic Holdings Inc. acquired a new position in National Energy Services Reunited during the 2nd quarter worth approximately $73,000. Finally, State of Wyoming bought a new position in National Energy Services Reunited in the 4th quarter valued at approximately $76,000. Institutional investors and hedge funds own 15.55% of the company’s stock.

Wall Street Analysts Forecast Growth

NESR has been the topic of a number of research analyst reports. UBS Group raised their target price on shares of National Energy Services Reunited from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Barclays increased their price target on National Energy Services Reunited from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, May 13th. Zacks Research raised National Energy Services Reunited from a “hold” rating to a “strong-buy” rating in a report on Monday, June 29th. BTIG Research restated a “buy” rating and set a $32.00 price objective on shares of National Energy Services Reunited in a research report on Friday, July 10th. Finally, Wall Street Zen raised National Energy Services Reunited from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 16th. One analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the stock. According to MarketBeat, National Energy Services Reunited currently has a consensus rating of “Buy” and an average price target of $29.71.

Insider Buying and Selling

In related news, Director Yousif Mohammed Ali Al-Nowais sold 1,919,594 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $26.80, for a total transaction of $51,445,119.20. Following the completion of the sale, the director owned 229,198 shares of the company’s stock, valued at $6,142,506.40. This trade represents a 89.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 5,129,198 shares of company stock worth $135,731,984 over the last ninety days. Company insiders own 9.70% of the company’s stock.

National Energy Services Reunited Stock Performance

Shares of NESR opened at $26.87 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.90 and a debt-to-equity ratio of 0.18. The firm’s fifty day simple moving average is $26.45 and its two-hundred day simple moving average is $23.61. National Energy Services Reunited has a 12 month low of $6.24 and a 12 month high of $30.31. The stock has a market capitalization of $2.71 billion, a P/E ratio of 41.34, a price-to-earnings-growth ratio of 0.32 and a beta of 0.31.

National Energy Services Reunited (NASDAQ:NESR) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.05. The firm had revenue of $404.59 million during the quarter, compared to analyst estimates of $370.87 million. National Energy Services Reunited had a return on equity of 9.77% and a net margin of 4.53%.The firm’s revenue for the quarter was up 33.5% on a year-over-year basis. As a group, analysts predict that National Energy Services Reunited will post 1.74 EPS for the current year.

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.