Newpark Resources Inc. (NR) Stock Price Down 2.4%
Newpark Resources Inc. (NYSE:NR) shares fell 2.4% during mid-day trading on Tuesday . The company traded as low as $6.59 and last traded at $6.62, with a volume of 229,138 shares changing hands. The stock had previously closed at $6.78.
A number of research firms recently issued reports on NR. Zacks Investment Research upgraded shares of Newpark Resources from a “hold” rating to a “buy” rating and set a $7.50 target price on the stock in a research note on Tuesday. Credit Suisse Group AG set a $7.00 target price on shares of Newpark Resources and gave the company a “buy” rating in a research note on Monday, August 1st. Leerink Swann reiterated a “buy” rating and issued a $108.00 target price on shares of Newpark Resources in a research note on Thursday, August 25th. Finally, Capital One Financial Corp. upgraded shares of Newpark Resources from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $5.00 to $6.00 in a research note on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $21.18.
The company has a 50-day moving average price of $7.03 and a 200-day moving average price of $5.49. The firm’s market capitalization is $557.83 million.
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Newpark Resources (NYSE:NR) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.06) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.09. The business had revenue of $115.30 million for the quarter, compared to analyst estimates of $106.93 million. Newpark Resources had a negative net margin of 21.47% and a negative return on equity of 6.09%. The firm’s revenue for the quarter was down 29.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. On average, analysts anticipate that Newpark Resources Inc. will post ($0.43) earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the company. Boston Partners acquired a new stake in shares of Newpark Resources during the second quarter worth approximately $5,097,000. Bogle Investment Management L P DE raised its stake in shares of Newpark Resources by 69.4% in the first quarter. Bogle Investment Management L P DE now owns 335,165 shares of the company’s stock worth $1,447,000 after buying an additional 137,303 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Newpark Resources during the first quarter worth approximately $891,000. Chartwell Investment Partners LLC acquired a new stake in shares of Newpark Resources during the second quarter worth approximately $2,379,000. Finally, Renaissance Technologies LLC raised its stake in shares of Newpark Resources by 169.3% in the first quarter. Renaissance Technologies LLC now owns 337,400 shares of the company’s stock worth $1,458,000 after buying an additional 212,100 shares in the last quarter. 98.74% of the stock is currently owned by institutional investors and hedge funds.
About Newpark Resources
Newpark Resources, Inc is an oil and gas supplier. The Company provides products and services to the oil and gas exploration (E&P) industry. The Company operates its business through two segments: Fluids Systems, and Mats and Integrated Services. The Company’s Fluids Systems segment offers customized solutions, including technical drilling projects involving subsurface conditions, such as horizontal, directional, geologically deep or deep water drilling.
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