Newpark Resources (NYSE:NR) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Newpark Resources (NYSE:NR) from a hold rating to a buy rating in a report released on Sunday.

Separately, HC Wainwright reissued a buy rating and issued a $12.00 price target on shares of Newpark Resources in a report on Wednesday, August 7th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of Buy and an average price target of $11.00.

Newpark Resources Stock Performance

NYSE NR opened at $7.23 on Friday. Newpark Resources has a fifty-two week low of $5.61 and a fifty-two week high of $8.65. The stock has a market cap of $616.01 million, a price-to-earnings ratio of 40.17 and a beta of 2.87. The business has a fifty day moving average of $7.79 and a 200-day moving average of $7.65. The company has a quick ratio of 1.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.09.

Newpark Resources (NYSE:NR) last released its quarterly earnings results on Monday, August 5th. The oil and gas company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Newpark Resources had a return on equity of 7.49% and a net margin of 3.15%. The company had revenue of $179.01 million during the quarter, compared to analysts’ expectations of $171.04 million. During the same period in the previous year, the firm posted $0.08 earnings per share. As a group, analysts predict that Newpark Resources will post 0.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Newpark Resources

Several institutional investors have recently added to or reduced their stakes in NR. CWM LLC grew its position in Newpark Resources by 495.4% during the first quarter. CWM LLC now owns 4,537 shares of the oil and gas company’s stock valued at $33,000 after acquiring an additional 3,775 shares during the period. New York State Teachers Retirement System purchased a new stake in Newpark Resources during the first quarter valued at about $50,000. Fortitude Family Office LLC grew its position in Newpark Resources by 179.1% during the first quarter. Fortitude Family Office LLC now owns 7,404 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 4,751 shares during the period. National Bank of Canada FI purchased a new stake in Newpark Resources during the fourth quarter valued at about $59,000. Finally, Victory Capital Management Inc. purchased a new stake in Newpark Resources during the fourth quarter valued at about $67,000. 80.81% of the stock is currently owned by institutional investors and hedge funds.

Newpark Resources Company Profile

Newpark Resources, Inc provides products, rentals, and services primarily to the oil and natural gas exploration and production (E&P) industry. It operates through two segments, Fluids Systems and Industrial Solutions. The Fluids Systems segment provides drilling, completion, and stimulation fluids products and related technical services to customers primarily in the North America, Europe, the Middle East, and Africa, as well as other countries in the Asia Pacific and Latin America.