Zacks Investment Research Lowers Newpark Resources Inc. (NR) to Hold
Newpark Resources Inc. (NYSE:NR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “NEWPARK RESOURCES, INC. provides integrated environmental services to the oil and gas exploration and production industry in the Gulf Coast area, principally in Louisiana and Texas. “
A number of other research analysts also recently issued reports on NR. Loop Capital began coverage on shares of Newpark Resources in a research report on Friday, September 30th. They set a “hold” rating on the stock. Leerink Swann reaffirmed a “buy” rating and issued a $108.00 price target on shares of Newpark Resources in a research note on Thursday, August 25th. Credit Suisse Group AG set a $7.00 price target on Newpark Resources and gave the company a “buy” rating in a research note on Monday, August 1st. Finally, Capital One Financial Corp. raised Newpark Resources from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $5.00 to $6.00 in a research note on Wednesday, June 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $21.18.
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Shares of Newpark Resources (NYSE:NR) traded down 2.89% during mid-day trading on Tuesday, reaching $7.40. 402,422 shares of the company traded hands. Newpark Resources has a 52-week low of $3.35 and a 52-week high of $7.73. The stock’s market capitalization is $625.44 million. The stock’s 50 day moving average is $7.11 and its 200 day moving average is $5.74.
Newpark Resources (NYSE:NR) last released its earnings results on Thursday, July 28th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.09. Newpark Resources had a negative net margin of 21.47% and a negative return on equity of 6.09%. The company had revenue of $115.30 million for the quarter, compared to the consensus estimate of $106.93 million. During the same period in the prior year, the company posted ($0.03) EPS. The company’s revenue was down 29.5% compared to the same quarter last year. On average, analysts anticipate that Newpark Resources will post ($0.43) earnings per share for the current year.
A number of hedge funds have recently bought and sold shares of NR. Public Employees Retirement System of Ohio boosted its stake in Newpark Resources by 30.7% in the second quarter. Public Employees Retirement System of Ohio now owns 17,891 shares of the company’s stock worth $104,000 after buying an additional 4,203 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Newpark Resources during the second quarter valued at $115,000. BlackRock Inc. boosted its position in shares of Newpark Resources by 293.0% in the second quarter. BlackRock Inc. now owns 23,392 shares of the company’s stock valued at $136,000 after buying an additional 17,440 shares in the last quarter. Nomura Holdings Inc. boosted its position in shares of Newpark Resources by 116.8% in the second quarter. Nomura Holdings Inc. now owns 24,700 shares of the company’s stock valued at $140,000 after buying an additional 13,305 shares in the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in shares of Newpark Resources during the second quarter valued at $152,000. 98.74% of the stock is owned by institutional investors and hedge funds.
Newpark Resources Company Profile
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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