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National Energy Services Reunited (NESR) Moves 12.2% Higher: Will This Strength Last?
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National Energy Services Reunited (NESR - Free Report) shares rose 12.2% higher in the past two trading sessions, ending at $26.98. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 9.08% gain over the past four weeks.
The surge can be attributed the anticipated increase in demand for NESR's oilfield services amid the ongoing conflict in the Middle East.The company is a leading oilfield service provider in the Middle East and North Africa (MENA) region. While the conflict has disrupted oil and gas operations across parts of the region, the eventual restoration and reconstruction of damaged energy infrastructure are expected to drive demand for drilling services, well intervention, engineering expertise and related oilfield solutions, creating a significant growth opportunity for NESR. Moreover, the company shall benefit from its operations associated with the Jafurah unconventional field, in Saudi Arabia, which is one the largest unconventional gas developments in the region. National Energy Services Reunited is expected to play a critical role in the energy security of the Gulf region, which should create a sustained demand for its services, maintain profitability, and contribute to revenue growth.
This company is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of +61.9%. Revenues are expected to be $448.01 million, up 36.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For National Energy Services Reunited, the consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on NESR going forward to see if this recent jump can turn into more strength down the road.
National Energy Services Reunited is a member of the Zacks Oil and Gas - Mechanical and and Equipment industry. One other stock in the same industry, Innovex International (INVX - Free Report) , finished the last trading session 0.5% lower at $25.43. INVX has returned -15.1% over the past month.
Innovex International's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.3. Compared to the company's year-ago EPS, this represents a change of +7.1%. Innovex International currently boasts a Zacks Rank of #2 (Buy).
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National Energy Services Reunited (NESR) Moves 12.2% Higher: Will This Strength Last?
National Energy Services Reunited (NESR - Free Report) shares rose 12.2% higher in the past two trading sessions, ending at $26.98. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 9.08% gain over the past four weeks.
The surge can be attributed the anticipated increase in demand for NESR's oilfield services amid the ongoing conflict in the Middle East.The company is a leading oilfield service provider in the Middle East and North Africa (MENA) region. While the conflict has disrupted oil and gas operations across parts of the region, the eventual restoration and reconstruction of damaged energy infrastructure are expected to drive demand for drilling services, well intervention, engineering expertise and related oilfield solutions, creating a significant growth opportunity for NESR. Moreover, the company shall benefit from its operations associated with the Jafurah unconventional field, in Saudi Arabia, which is one the largest unconventional gas developments in the region. National Energy Services Reunited is expected to play a critical role in the energy security of the Gulf region, which should create a sustained demand for its services, maintain profitability, and contribute to revenue growth.
This company is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of +61.9%. Revenues are expected to be $448.01 million, up 36.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For National Energy Services Reunited, the consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on NESR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
National Energy Services Reunited is a member of the Zacks Oil and Gas - Mechanical and and Equipment industry. One other stock in the same industry, Innovex International (INVX - Free Report) , finished the last trading session 0.5% lower at $25.43. INVX has returned -15.1% over the past month.
Innovex International's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.3. Compared to the company's year-ago EPS, this represents a change of +7.1%. Innovex International currently boasts a Zacks Rank of #2 (Buy).