National Energy Services Reunited (NASDAQ:NESR) Shares Gap Up – Here’s Why

National Energy Services Reunited Corp. (NASDAQ:NESR) shares gapped up prior to trading on Tuesday . The stock had previously closed at $8.51, but opened at $9.25. National Energy Services Reunited shares last traded at $8.80, with a volume of 20,337 shares traded.

Wall Street Analysts Forecast Growth

Separately, BTIG Research initiated coverage on National Energy Services Reunited in a research report on Friday, October 25th. They issued a “buy” rating and a $15.00 price target for the company.

National Energy Services Reunited Price Performance

The business has a 50-day moving average of $9.16 and a 200 day moving average of $9.29. The company has a current ratio of 1.07, a quick ratio of 0.89 and a debt-to-equity ratio of 0.35.

National Energy Services Reunited (NASDAQ:NESR) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.29 earnings per share for the quarter. The firm had revenue of $324.97 million for the quarter.

Institutional Investors Weigh In On National Energy Services Reunited

A hedge fund recently bought a new stake in National Energy Services Reunited stock. HITE Hedge Asset Management LLC purchased a new stake in shares of National Energy Services Reunited Corp. (NASDAQ:NESR) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 703,162 shares of the company’s stock, valued at approximately $6,645,000. HITE Hedge Asset Management LLC owned approximately 0.74% of National Energy Services Reunited as of its most recent filing with the Securities & Exchange Commission. 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.