National Energy Services Reunited (NASDAQ:NESR) Stock Price Down 7.4% - Here's What Happened

National Energy Services Reunited Corp. (NASDAQ:NESR - Get Free Report) dropped 7.4% during mid-day trading on Thursday . The stock traded as low as $7.43 and last traded at $7.49. Approximately 166,653 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 186,485 shares. The stock had previously closed at $8.09.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on NESR shares. Barclays raised their price target on shares of National Energy Services Reunited from $16.00 to $17.00 and gave the company an "overweight" rating in a research report on Thursday. JPMorgan Chase & Co. began coverage on National Energy Services Reunited in a research report on Friday, December 6th. They issued an "overweight" rating and a $13.00 price objective on the stock. Finally, Benchmark started 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 for the company.

National Energy Services Reunited Trading Up 1.2 %

The company has a quick ratio of 0.91, a current ratio of 1.10 and a debt-to-equity ratio of 0.33. The business's fifty day moving average is $8.84 and its 200 day moving average is $8.95.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $343.68 million during the quarter, compared to the consensus estimate of $339.84 million. As a group, sell-side analysts expect that National Energy Services Reunited Corp. will post 1.03 EPS for the current year.

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Hedge Funds Weigh In On National Energy Services Reunited

Several hedge funds have recently bought and sold shares of the company. Toronto Dominion Bank bought a new position in National Energy Services Reunited in the 4th quarter worth about $90,000. Alpine Global Management LLC bought a new stake in National Energy Services Reunited during the fourth quarter valued at approximately $102,000. Two Sigma Advisers LP purchased a new position in National Energy Services Reunited in the 4th quarter worth approximately $127,000. Two Sigma Investments LP bought a new position in shares of National Energy Services Reunited in the 4th quarter worth $381,000. Finally, Shay Capital LLC purchased a new stake in shares of National Energy Services Reunited during the 4th quarter valued at $1,030,000. Hedge funds and other institutional investors own 15.55% of the company's stock.

National Energy Services Reunited Company Profile

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.