Newpark Resources (NR) Downgraded by Zacks Investment Research

Newpark Resources (NYSE:NR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Saturday.

According to Zacks, “Newpark Resources, Inc. and its subsidiaries, provides products and services primarily to the oil and gas exploration and production industry. The company operates through two segments, Fluids Systems and Mats and Integrated Services. The Fluids Systems segment offers drilling fluids products and technical services for technical drilling projects involving complex subsurface conditions, including horizontal, directional, geologically deep or deep water drilling. This segment also grinds barite and other industrial minerals. The Mats and Integrated Services segment provides composite mat rentals, well site construction, and related site services to oil and gas customers at well, production, transportation, and refinery locations. The company operates in North America, Europe, the Middle East, Africa, Latin America, and the Asia Pacific. “

Several other equities research analysts have also issued reports on the company. SunTrust Banks upgraded Newpark Resources from a “hold” rating to a “buy” rating in a report on Thursday, November 2nd. Cowen set a $9.00 price target on Newpark Resources and gave the company a “hold” rating in a report on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. Newpark Resources presently has a consensus rating of “Hold” and a consensus price target of $10.00.

Shares of Newpark Resources (NYSE:NR) opened at $8.85 on Friday. The company has a quick ratio of 1.96, a current ratio of 2.71 and a debt-to-equity ratio of 0.27. Newpark Resources has a 1 year low of $6.40 and a 1 year high of $10.20.

Newpark Resources (NYSE:NR) last announced its quarterly earnings results on Monday, October 30th. The oil and gas company reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.01). The firm had revenue of $201.70 million for the quarter, compared to analyst estimates of $192.57 million. Newpark Resources had a net margin of 0.48% and a negative return on equity of 0.29%. The firm’s quarterly revenue was up 92.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.16) earnings per share. equities research analysts anticipate that Newpark Resources will post 0.06 earnings per share for the current fiscal year.

In related news, Director David C. Anderson sold 17,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $8.91, for a total value of $151,470.00. Following the transaction, the director now directly owns 170,841 shares of the company’s stock, valued at approximately $1,522,193.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director G Stephen Finley sold 11,300 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $8.79, for a total value of $99,327.00. Following the completion of the transaction, the director now directly owns 192,658 shares in the company, valued at $1,693,463.82. The disclosure for this sale can be found here. Insiders sold a total of 40,423 shares of company stock worth $360,346 over the last three months. 4.90% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the stock. Piedmont Investment Advisors LLC bought a new position in Newpark Resources in the 2nd quarter worth approximately $141,000. Ameriprise Financial Inc. increased its position in Newpark Resources by 4.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 577,151 shares of the oil and gas company’s stock worth $4,245,000 after buying an additional 26,342 shares during the period. Bank of New York Mellon Corp increased its position in Newpark Resources by 27.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,330,770 shares of the oil and gas company’s stock worth $24,481,000 after buying an additional 715,250 shares during the period. Chicago Equity Partners LLC bought a new position in Newpark Resources in the 2nd quarter worth approximately $1,041,000. Finally, Epoch Investment Partners Inc. increased its position in Newpark Resources by 0.7% in the 3rd quarter. Epoch Investment Partners Inc. now owns 1,876,339 shares of the oil and gas company’s stock worth $18,764,000 after buying an additional 12,953 shares during the period.

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Newpark Resources Company Profile

Newpark Resources, Inc is a supplier providing products and services primarily to the oil and gas exploration and production (E&P) industry. The Company’s segments include Fluids Systems, and Mats and Integrated Services. The Fluids Systems segment provides drilling fluids products and technical services to customers in the North America; Europe, the Middle East and Africa; Latin America, and Asia Pacific regions.

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