National Energy Services Reunited (NASDAQ:NESR) Trading Down 1.8% – Here’s Why

Shares of National Energy Services Reunited Corp. (NASDAQ:NESR) fell 1.8% during mid-day trading on Tuesday . The stock traded as low as $8.62 and last traded at $8.63. 5,636 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 129,453 shares. The stock had previously closed at $8.79.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. BTIG Research assumed coverage on National Energy Services Reunited in a research report on Friday, October 25th. They set a “buy” rating and a $15.00 price target on the stock. JPMorgan Chase & Co. assumed coverage on National Energy Services Reunited in a research note on Friday, December 6th. They issued an “overweight” rating and a $13.00 price target for the company.

National Energy Services Reunited Trading Up 1.9 %

The business’s 50 day moving average is $8.81 and its 200-day moving average is $9.04. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.10 and a quick ratio of 0.91.

Institutional Trading of National Energy Services Reunited

An institutional investor recently bought a new position in National Energy Services Reunited stock. HITE Hedge Asset Management LLC purchased a new stake in National Energy Services Reunited Corp. (NASDAQ:NESR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent quarter. 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.