Newpark Resources Inc. (NR) Sees Strong Trading Volume
Shares of Newpark Resources Inc. (NYSE:NR) saw unusually-high trading volume on Tuesday . Approximately 525,438 shares were traded during mid-day trading, a decline of 23% from the previous session’s volume of 678,685 shares.The stock last traded at $5.71 and had previously closed at $5.94.
NR has been the topic of several research analyst reports. Zacks Investment Research upgraded Newpark Resources from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a research note on Wednesday. Tudor Pickering upgraded Newpark Resources from a “hold” rating to a “buy” rating in a research note on Monday, May 2nd. Credit Suisse Group AG upgraded Newpark Resources from a “neutral” rating to an “outperform” rating and set a $6.00 price objective on the stock in a research note on Wednesday, June 1st. Finally, Capital One Financial Corp. upgraded Newpark Resources from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $5.00 to $6.00 in a research note on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. Newpark Resources currently has an average rating of “Buy” and a consensus price target of $6.38.
The stock’s market cap is $482.80 million. The company’s 50-day moving average is $5.20 and its 200-day moving average is $4.67.
Newpark Resources (NYSE:NR) last released its quarterly earnings results on Thursday, April 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by $0.03. The business earned $114.54 million during the quarter, compared to analyst estimates of $134.09 million. The business’s revenue was down 45.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.01 EPS. On average, analysts expect that Newpark Resources Inc. will post ($0.55) EPS for the current fiscal year.
A number of institutional investors recently added to or reduced their stakes in NR. Tieton Capital Management LLC increased its position in Newpark Resources by 1.4% in the fourth quarter. Tieton Capital Management LLC now owns 470,960 shares of the company’s stock worth $2,487,000 after buying an additional 6,520 shares during the period. First Trust Advisors LP increased its position in Newpark Resources by 22.2% in the fourth quarter. First Trust Advisors LP now owns 536,418 shares of the company’s stock worth $2,832,000 after buying an additional 97,468 shares during the period. Killen Group Inc. increased its position in Newpark Resources by 1.1% in the fourth quarter. Killen Group Inc. now owns 982,514 shares of the company’s stock worth $5,188,000 after buying an additional 10,375 shares during the period. Finally, Royce & Associates LLC increased its position in Newpark Resources by 19.1% in the fourth quarter. Royce & Associates LLC now owns 2,376,431 shares of the company’s stock worth $12,548,000 after buying an additional 381,825 shares during the period.
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. Fluids Systems segment provides drilling fluids solutions, including technical drilling projects involving subsurface conditions, such as horizontal, directional, geologically deep or deep water drilling, to E&P customers in North America, Europe, the Middle East and Africa (EMEA), Latin America, and Asia Pacific.