HC Wainwright Reaffirms “Buy” Rating for Newpark Resources (NYSE:NR)

HC Wainwright reissued their buy rating on shares of Newpark Resources (NYSE:NR) in a report issued on Monday morning, Benzinga reports. HC Wainwright currently has a $12.00 price objective on the oil and gas company’s stock. HC Wainwright also issued estimates for Newpark Resources’ Q2 2024 earnings at $0.09 EPS, Q3 2024 earnings at $0.08 EPS, Q4 2024 earnings at $0.11 EPS, FY2024 earnings at $0.36 EPS and FY2025 earnings at $0.45 EPS.

A number of other equities analysts have also issued reports on NR. Roth Mkm initiated coverage on Newpark Resources in a research note on Friday, March 8th. They issued a buy rating and a $10.00 target price for the company. StockNews.com raised Newpark Resources from a hold rating to a buy rating in a report on Friday, May 3rd. Roth Capital reiterated a buy rating on shares of Newpark Resources in a report on Friday, March 8th. Finally, B. Riley began coverage on shares of Newpark Resources in a research note on Tuesday, April 9th. They issued a buy rating and a $10.00 price objective on the stock. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of Buy and an average price target of $11.00.

Newpark Resources Price Performance

NYSE NR opened at $7.35 on Monday. The firm’s fifty day simple moving average is $7.21 and its two-hundred day simple moving average is $6.87. The firm has a market capitalization of $625.79 million, a P/E ratio of 40.81 and a beta of 2.78. The company has a current ratio of 2.79, a quick ratio of 1.74 and a debt-to-equity ratio of 0.14. Newpark Resources has a 12-month low of $3.40 and a 12-month high of $7.84.

Newpark Resources (NYSE:NR) last announced its earnings results on Wednesday, February 21st. The oil and gas company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.03). Newpark Resources had a return on equity of 6.67% and a net margin of 2.25%. The business had revenue of $167.82 million for the quarter, compared to analysts’ expectations of $170.87 million. Analysts forecast that Newpark Resources will post 0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Newpark Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in NR. Dimensional Fund Advisors LP raised its holdings in Newpark Resources by 5.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,153,464 shares of the oil and gas company’s stock worth $40,859,000 after purchasing an additional 303,236 shares during the period. Vanguard Group Inc. lifted its position in shares of Newpark Resources by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 4,187,037 shares of the oil and gas company’s stock valued at $28,932,000 after buying an additional 162,941 shares in the last quarter. Wellington Management Group LLP grew its stake in Newpark Resources by 20.5% in the 3rd quarter. Wellington Management Group LLP now owns 875,200 shares of the oil and gas company’s stock valued at $6,048,000 after acquiring an additional 148,700 shares during the period. Yarra Square Partners LP increased its holdings in Newpark Resources by 48.5% in the 4th quarter. Yarra Square Partners LP now owns 814,100 shares of the oil and gas company’s stock worth $5,406,000 after acquiring an additional 266,000 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Newpark Resources by 53.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 608,342 shares of the oil and gas company’s stock worth $4,039,000 after acquiring an additional 212,872 shares during the period. Institutional investors and hedge funds own 80.81% of the company’s stock.

About Newpark Resources

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.