Zacks Investment Research Downgrades 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 research note issued to investors 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 analysts also recently issued reports on the stock. Loop Capital assumed coverage on shares of Newpark Resources in a report on Friday, September 30th. They set a “hold” rating for the company. Leerink Swann reaffirmed a “buy” rating and set a $108.00 price objective on shares of Newpark Resources in a report on Thursday, August 25th. Credit Suisse Group AG set a $7.00 price objective on shares of Newpark Resources and gave the stock a “buy” rating in a report on Monday, August 1st. Finally, Capital One Financial Corp. raised shares of Newpark Resources from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $5.00 to $6.00 in a report on Wednesday, June 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Newpark Resources has an average rating of “Buy” and an average target price of $21.18.
Newpark Resources (NYSE:NR) opened at 7.64 on Tuesday. Newpark Resources has a 1-year low of $3.35 and a 1-year high of $7.72. The firm’s market capitalization is $645.73 million. The firm’s 50-day moving average is $7.11 and its 200-day moving average is $5.70.
Newpark Resources (NYSE:NR) last posted its quarterly earnings data on Thursday, July 28th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.09. The business earned $115.30 million during the quarter, compared to the consensus estimate of $106.93 million. Newpark Resources had a negative net margin of 21.47% and a negative return on equity of 6.09%. Newpark Resources’s quarterly revenue was down 29.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.03) EPS. On average, equities analysts anticipate that Newpark Resources will post ($0.43) EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. Ngam Advisors L.P. boosted its position in Newpark Resources by 48.9% in the first quarter. Ngam Advisors L.P. now owns 351,264 shares of the company’s stock valued at $1,517,000 after buying an additional 115,370 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of Newpark Resources by 1.5% in the first quarter. BlackRock Fund Advisors now owns 5,665,901 shares of the company’s stock worth $24,477,000 after buying an additional 85,153 shares in the last quarter. Royce & Associates LP boosted its position in shares of Newpark Resources by 16.1% in the first quarter. Royce & Associates LP now owns 2,757,931 shares of the company’s stock worth $11,914,000 after buying an additional 381,500 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Newpark Resources by 9.2% in the first quarter. Geode Capital Management LLC now owns 574,374 shares of the company’s stock worth $2,481,000 after buying an additional 48,363 shares in the last quarter. Finally, Bogle Investment Management L P DE boosted its position 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. Hedge funds and other institutional investors 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Newpark Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Newpark Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.