Newpark Resources, Inc. (NR) Upgraded to Sell at BidaskClub
BidaskClub upgraded shares of Newpark Resources, Inc. (NYSE:NR) from a strong sell rating to a sell rating in a report released on Friday.
A number of other equities research analysts have also recently issued reports on NR. Zacks Investment Research upgraded Newpark Resources from a hold rating to a buy rating and set a $8.75 target price on the stock in a research note on Thursday, May 4th. Loop Capital reiterated a buy rating on shares of Newpark Resources in a research note on Monday, July 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $25.63.
Shares of Newpark Resources (NYSE NR) remained flat at $8.40 during trading on Friday. 441,897 shares of the company’s stock were exchanged. The stock’s market cap is $719.11 million. Newpark Resources has a 12 month low of $5.80 and a 12 month high of $8.75. The stock’s 50-day moving average price is $7.35 and its 200 day moving average price is $7.60.
Newpark Resources (NYSE:NR) last posted its earnings results on Thursday, July 27th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The company had revenue of $183 million for the quarter, compared to analysts’ expectations of $159.51 million. Newpark Resources had a negative return on equity of 2.92% and a negative net margin of 2.20%. The firm’s quarterly revenue was up 58.7% compared to the same quarter last year. During the same period last year, the business posted ($0.06) earnings per share. On average, analysts predict that Newpark Resources will post $0.10 EPS for the current year.
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In other news, Director David C. Anderson sold 15,124 shares of the firm’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $7.35, for a total transaction of $111,161.40. Following the transaction, the director now directly owns 187,841 shares of the company’s stock, valued at $1,380,631.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Matthew Lanigan sold 40,771 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $8.46, for a total value of $344,922.66. Following the transaction, the vice president now directly owns 50,000 shares in the company, valued at $423,000. The disclosure for this sale can be found here. Insiders sold 241,985 shares of company stock worth $1,939,122 over the last quarter. 4.70% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Federated Investors Inc. PA raised its position in shares of Newpark Resources by 2,176.7% in the second quarter. Federated Investors Inc. PA now owns 29,620 shares of the oil and gas company’s stock worth $218,000 after buying an additional 28,319 shares during the period. William Blair Investment Management LLC acquired a new position in shares of Newpark Resources during the second quarter worth approximately $5,013,000. KBC Group NV acquired a new position in shares of Newpark Resources during the second quarter worth approximately $865,000. Legal & General Group Plc raised its position in shares of Newpark Resources by 13.7% in the second quarter. Legal & General Group Plc now owns 163,517 shares of the oil and gas company’s stock worth $1,203,000 after buying an additional 19,741 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Newpark Resources by 27.3% in the second 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.
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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