Cannell Capital Expands Stake in Natural Gas Services Group by 8.3%

Cannell Capital LLC has increased its holdings in Natural Gas Services Group, Inc. (NYSE: NGS) by 8.3% during the third quarter of 2023, as revealed in its recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The institutional investor now owns 359,021 shares of the oil and gas company, having acquired an additional 27,405 shares during this period. This investment represents approximately 1.5% of Cannell Capital’s portfolio, making Natural Gas Services Group its tenth largest position, valued at about $10,049,000.

The trend of increasing stakes by institutional investors in Natural Gas Services Group extends beyond Cannell Capital. Steward Partners Investment Advisory LLC raised its position by an impressive 105.5% in the second quarter, now holding 1,424 shares worth $37,000 after purchasing an additional 731 shares. Similarly, the New York State Common Retirement Fund boosted its investment by 106.7% in the third quarter, acquiring 3,100 shares valued at $87,000.

Several other hedge funds have also made notable moves in relation to Natural Gas Services Group. Arthur M. Cohen & Associates LLC and Los Angeles Capital Management LLC each established new positions worth approximately $218,000 and $225,000, respectively, during the second quarter. Man Group plc also entered the fray with a new stake valued at around $231,000. Currently, institutional investors own 65.62% of the company’s stock.

Stock Performance and Insider Transactions

As of March 6, 2024, Natural Gas Services Group’s stock opened at $35.64. The company exhibits solid financial ratios, with a current ratio of 1.83, a quick ratio of 1.06, and a debt-to-equity ratio of 0.77. Over the past year, its stock has fluctuated between a low of $16.73 and a high of $39.99. The stock’s 50-day moving average price stands at $36.04, while the 200-day moving average is $31.62. With a market capitalization of $448.05 million and a P/E ratio of 24.08, the company is also noted to have a beta of 0.34.

In related developments, Stephen Charles Taylor, a director at Natural Gas Services Group, sold 30,000 shares on March 6 at an average price of $37.23, resulting in a total transaction value of approximately $1,116,900. Following this sale, Taylor retains 175,432 shares, valued at around $6,531,333.36, which marks a 14.60% decrease in his holdings. This transaction was disclosed in a filing with the SEC.

Analysts’ Ratings and Market Consensus

Wall Street analysts have expressed varied perspectives on Natural Gas Services Group. In recent reports, Raymond James Financial downgraded the stock from a “strong-buy” rating to “outperform,” while raising the target price from $34.00 to $42.00. Zacks Research also adjusted its rating, moving from “strong-buy” to “hold.” On the other hand, Weiss Ratings reaffirmed a “buy (b-)” rating for the company.

According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” with an average price target of $40.50. Three analysts have rated the stock as a Buy, while one has assigned it a Hold rating.

Natural Gas Services Group, Inc. specializes in energy infrastructure, focusing on natural gas distribution and compression services throughout the United States. The company operates primarily through two segments: Distribution, which delivers natural gas to residential, commercial, and industrial customers, and Compression Services, which rents, sells, and services a diverse fleet of compression equipment for midstream and industrial applications.

For further insights into institutional holdings and insider trades for Natural Gas Services Group, interested parties can visit HoldingsChannel.com for the latest 13F filings and updates.