SunTrust Banks, Inc. Upgrades Newpark Resources, Inc. (NR) to “Buy”
Newpark Resources, Inc. (NYSE:NR) was upgraded by equities research analysts at SunTrust Banks, Inc. from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded Newpark Resources from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a report on Tuesday, October 24th. Cowen and Company set a $9.00 target price on Newpark Resources and gave the company a “hold” rating in a report on Friday, October 6th. Finally, BidaskClub cut Newpark Resources from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $9.80.
Newpark Resources (NYSE:NR) traded up $0.85 during midday trading on Thursday, reaching $9.45. The company had a trading volume of 818,330 shares, compared to its average volume of 439,678. Newpark Resources has a 1 year low of $5.95 and a 1 year high of $10.20. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.71 and a quick ratio of 1.67.
Newpark Resources (NYSE:NR) last issued its earnings results on Monday, October 30th. The oil and gas company reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.01). The company had revenue of $201.70 million during the quarter, compared to analysts’ expectations of $192.57 million. Newpark Resources had a net margin of 0.48% and a negative return on equity of 0.29%. The firm’s quarterly revenue was up 92.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.16) earnings per share. sell-side analysts forecast that Newpark Resources will post 0.08 earnings per share for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of NR. BlackRock Inc. increased its position in Newpark Resources by 60,897.4% during the first quarter. BlackRock Inc. now owns 12,637,450 shares of the oil and gas company’s stock worth $102,364,000 after buying an additional 12,616,732 shares during the period. Daruma Capital Management LLC increased its position in Newpark Resources by 221.1% during the second quarter. Daruma Capital Management LLC now owns 5,830,179 shares of the oil and gas company’s stock worth $42,852,000 after buying an additional 4,014,692 shares during the period. Bank of New York Mellon Corp increased its position in Newpark Resources by 27.3% during 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. William Blair Investment Management LLC acquired a new position in Newpark Resources during the second quarter worth approximately $5,013,000. Finally, Vanguard Group Inc. increased its position in Newpark Resources by 5.3% during the second quarter. Vanguard Group Inc. now owns 7,791,303 shares of the oil and gas company’s stock worth $57,266,000 after buying an additional 393,328 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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