Newpark Resources Inc. (NR) Stock Rating Lowered by Zacks Investment Research
Newpark Resources Inc. (NYSE:NR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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. “
Several other research analysts also recently weighed in on the company. Credit Suisse Group AG assumed coverage on Newpark Resources in a research note on Monday, July 18th. They set an “outperform” rating and a $7.00 price target for the company. Capital One Financial Corp. upgraded Newpark Resources from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $5.00 to $6.00 in a research note on Wednesday, June 15th. Leerink Swann reiterated a “buy” rating and set a $108.00 price target on shares of Newpark Resources in a research note on Thursday, August 25th. Finally, Loop Capital assumed coverage on Newpark Resources in a research note on Friday. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $21.18.
Newpark Resources (NYSE:NR) opened at 7.36 on Tuesday. The firm’s market cap is $622.06 million. Newpark Resources has a 52 week low of $3.35 and a 52 week high of $7.72. The firm’s 50-day moving average price is $7.09 and its 200 day moving average price is $5.67.
Newpark Resources (NYSE:NR) last announced its earnings results on Thursday, July 28th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.09. Newpark Resources had a negative return on equity of 6.09% and a negative net margin of 21.47%. The firm earned $115.30 million during the quarter, compared to analyst estimates of $106.93 million. During the same period last year, the firm posted ($0.03) EPS. The business’s revenue was down 29.5% compared to the same quarter last year. Equities analysts forecast that Newpark Resources will post ($0.43) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC increased its position in shares of Newpark Resources by 112.4% in the second quarter. FMR LLC now owns 8,586,025 shares of the company’s stock valued at $49,713,000 after buying an additional 4,542,725 shares in the last quarter. Wedge Capital Management L L P NC increased its stake in shares of Newpark Resources by 1,892.8% in the second quarter. Wedge Capital Management L L P NC now owns 1,427,542 shares of the company’s stock worth $69,336,000 after buying an additional 1,355,907 shares during the period. Boston Partners acquired a new stake in shares of Newpark Resources during the second quarter worth about $5,097,000. ZPR Investment Management acquired a new stake in shares of Newpark Resources during the first quarter worth about $1,853,000. Finally, Chartwell Investment Partners LLC acquired a new stake in shares of Newpark Resources during the second quarter worth about $2,379,000. Institutional investors and hedge funds own 98.74% of the company’s stock.
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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