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 Saturday.
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 research firms have also recently commented on NR. BidaskClub cut Newpark Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Cowen and Company set a $9.00 target price on Newpark Resources and gave the company a “hold” rating in a research note on Friday, October 6th. Finally, SunTrust Banks, Inc. upgraded Newpark Resources from a “hold” rating to a “buy” rating in a research note on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $9.80.
Newpark Resources (NYSE:NR) opened at $9.65 on Friday. Newpark Resources has a 1-year low of $6.25 and a 1-year high of $10.20. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.96 and a current ratio of 2.71.
Newpark Resources (NYSE:NR) last released its earnings results on Monday, October 30th. The oil and gas company reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.01). The firm had revenue of $201.70 million during the quarter, compared to the consensus estimate of $192.57 million. Newpark Resources had a net margin of 0.48% and a negative return on equity of 0.29%. The company’s revenue was up 92.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.16) EPS. sell-side analysts anticipate that Newpark Resources will post 0.06 earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NR. BlackRock Inc. raised its stake in shares of Newpark Resources by 60,897.4% during the 1st quarter. BlackRock Inc. now owns 12,637,450 shares of the oil and gas company’s stock worth $102,364,000 after purchasing an additional 12,616,732 shares in the last quarter. Daruma Capital Management LLC raised its stake in shares of Newpark Resources by 221.1% during the 2nd quarter. Daruma Capital Management LLC now owns 5,830,179 shares of the oil and gas company’s stock worth $42,852,000 after purchasing an additional 4,014,692 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Newpark Resources by 27.3% during the 2nd 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 purchasing an additional 715,250 shares in the last quarter. William Blair Investment Management LLC bought a new stake in shares of Newpark Resources during the 2nd quarter worth approximately $5,013,000. Finally, Vanguard Group Inc. raised its stake in shares of Newpark Resources by 5.3% during the 2nd quarter. Vanguard Group Inc. now owns 7,791,303 shares of the oil and gas company’s stock worth $57,266,000 after purchasing an additional 393,328 shares in the last quarter.
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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