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

Shares of National Energy Services Reunited Corp. (NASDAQ:NESR) gapped down before the market opened on Friday . The stock had previously closed at $8.85, but opened at $8.58. National Energy Services Reunited shares last traded at $8.51, with a volume of 17,378 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, BTIG Research began coverage on shares of National Energy Services Reunited in a research note on Friday, October 25th. They issued a “buy” rating and a $15.00 price objective on the stock.

National Energy Services Reunited Trading Down 3.4 %

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.07 and a quick ratio of 0.89. The company’s 50-day moving average is $9.16 and its two-hundred day moving average is $9.29.

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

Hedge Funds Weigh In On 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 shares of National Energy Services Reunited Corp. (NASDAQ:NESR) during the third quarter, according to its most recent Form 13F filing with the Securities & 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 reporting period. 15.55% of the stock is owned by institutional investors and hedge funds.

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.