Newpark Resources (NYSE:NR) Shares Up 5.8% After Analyst Upgrade

Newpark Resources, Inc. (NYSE:NR)’s stock price was up 5.8% during trading on Monday after B. Riley raised their price target on the stock from $10.00 to $11.00. B. Riley currently has a buy rating on the stock. Newpark Resources traded as high as $7.54 and last traded at $7.51. Approximately 98,411 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 645,325 shares. The stock had previously closed at $7.10.

A number of other brokerages have also issued reports on NR. Roth Mkm assumed coverage on Newpark Resources in a research note on Friday, March 8th. They set a “buy” rating and a $10.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $12.00 target price on shares of Newpark Resources in a research note on Monday. Roth Capital reiterated a “buy” rating on shares of Newpark Resources in a research report on Friday, March 8th. Finally, StockNews.com raised shares of Newpark Resources from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $11.00.

Hedge Funds Weigh In On Newpark Resources

A number of hedge funds and other institutional investors have recently modified their holdings of NR. Dorsey Wright & Associates acquired a new position in shares of Newpark Resources in the third quarter worth about $32,000. CWM LLC lifted its position in shares of Newpark Resources by 495.4% in the 1st 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 in the last quarter. GAMMA Investing LLC acquired a new position in Newpark Resources in the 4th quarter worth approximately $49,000. New York State Teachers Retirement System purchased a new position in Newpark Resources during the 1st quarter worth approximately $50,000. Finally, Fortitude Family Office LLC raised its stake in Newpark Resources by 179.1% during the 1st quarter. Fortitude Family Office LLC now owns 7,404 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 4,751 shares during the period. Institutional investors and hedge funds own 80.81% of the company’s stock.

Newpark Resources Price Performance

The company has a market cap of $627.92 million, a PE ratio of 40.95 and a beta of 2.78. The stock has a fifty day moving average price of $7.19 and a 200-day moving average price of $6.86. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.79 and a quick ratio of 1.74.

Newpark Resources (NYSE:NR) last announced its quarterly earnings data on Wednesday, February 21st. The oil and gas company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $170.87 million. On average, equities analysts expect that Newpark Resources, Inc. will post 0.3 earnings per share for the current year.

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.