Newpark Resources, Inc. (NR) Given a $9.00 Price Target at Cowen and Company
Cowen and Company set a $9.00 target price on Newpark Resources, Inc. (NYSE:NR) in a research report sent to investors on Friday. The firm currently has a hold rating on the oil and gas company’s stock.
A number of other equities research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Newpark Resources from a hold rating to a sell rating in a report on Friday, July 21st. Loop Capital restated a buy rating on shares of Newpark Resources in a report on Monday, July 3rd. Finally, BidaskClub lowered shares of Newpark Resources from a sell rating to a strong sell rating in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Newpark Resources presently has a consensus rating of Hold and a consensus price target of $9.50.
Shares of Newpark Resources (NYSE NR) remained flat at $9.70 during mid-day trading on Friday. The company had a trading volume of 534,641 shares. The firm’s market capitalization is $830.40 million. Newpark Resources has a 12 month low of $5.80 and a 12 month high of $10.20. The firm has a 50 day moving average of $8.86 and a 200 day moving average of $7.96.
Newpark Resources (NYSE:NR) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.03. Newpark Resources had a negative net margin of 2.20% and a negative return on equity of 2.92%. The business had revenue of $183.00 million for the quarter, compared to analyst estimates of $159.51 million. During the same quarter in the previous year, the business earned ($0.06) earnings per share. The firm’s revenue was up 58.7% compared to the same quarter last year. Equities analysts predict that Newpark Resources will post $0.09 EPS for the current year.
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In other Newpark Resources news, VP Matthew Lanigan sold 40,771 shares of the company’s stock in a transaction that occurred 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 owns 50,000 shares in the company, valued at approximately $423,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 4.90% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Royce & Associates LP increased its stake in Newpark Resources by 5.6% in the 2nd quarter. Royce & Associates LP now owns 3,163,261 shares of the oil and gas company’s stock valued at $23,250,000 after buying an additional 166,700 shares during the period. Bank of New York Mellon Corp increased its stake 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 valued at $24,481,000 after buying an additional 715,250 shares during the period. Chicago Equity Partners LLC acquired a new position in Newpark Resources in the 2nd quarter valued at approximately $1,041,000. Lazard Asset Management LLC increased its stake in Newpark Resources by 24.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,155,350 shares of the oil and gas company’s stock valued at $9,358,000 after buying an additional 224,520 shares during the period. Finally, Louisiana State Employees Retirement System increased its stake in Newpark Resources by 4.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 36,200 shares of the oil and gas company’s stock valued at $266,000 after buying an additional 1,700 shares during the period.
About Newpark Resources
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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