NexTier Oilfield Solutions (NYSE:NEX) Given New $13.00 Price Target at Morgan Stanley

NexTier Oilfield Solutions (NYSE:NEX – Get Rating) had its price target increased by equities researchers at Morgan Stanley from $12.00 to $13.00 in a report released on Monday, Marketbeat Ratings reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 39.19% from the company’s current price.

A number of other brokerages have also issued reports on NEX. Citigroup lifted their target price on NexTier Oilfield Solutions to $15.00 in a research report on Friday, June 3rd. Barclays boosted their price target on NexTier Oilfield Solutions from $9.00 to $15.00 in a research note on Monday, May 2nd. ATB Capital set a $16.50 price target on NexTier Oilfield Solutions in a research note on Monday, June 20th. Piper Sandler upped their target price on NexTier Oilfield Solutions from $12.75 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, June 1st. Finally, Bank of America downgraded NexTier Oilfield Solutions from a “buy” rating to a “neutral” rating and cut their target price for the company from $12.50 to $9.50 in a research report on Friday, July 15th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, NexTier Oilfield Solutions currently has a consensus rating of “Hold” and a consensus target price of $13.40.

NexTier Oilfield Solutions Price Performance

Shares of NEX opened at $9.34 on Monday. The stock has a market cap of $2.28 billion, a P/E ratio of 62.27 and a beta of 2.01. The company has a current ratio of 1.19, a quick ratio of 1.10 and a debt-to-equity ratio of 0.59. The stock’s 50-day moving average price is $9.69 and its two-hundred day moving average price is $9.06. NexTier Oilfield Solutions has a 1 year low of $3.06 and a 1 year high of $12.50.

Insiders Place Their Bets

In other news, CFO Kenneth Pucheu sold 40,000 shares of the firm’s stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $12.02, for a total value of $480,800.00. Following the completion of the transaction, the chief financial officer now directly owns 94,544 shares of the company’s stock, valued at $1,136,418.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Kenneth Pucheu sold 40,000 shares of NexTier Oilfield Solutions stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $12.02, for a total transaction of $480,800.00. Following the completion of the sale, the chief financial officer now owns 94,544 shares of the company’s stock, valued at $1,136,418.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Carl Stewart sold 57,500 shares of the firm’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $12.00, for a total value of $690,000.00. Following the sale, the director now owns 2,276,867 shares in the company, valued at approximately $27,322,404. The disclosure for this sale can be found here. Insiders sold 197,690 shares of company stock valued at $2,324,360 over the last ninety days. 12.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC boosted its position in NexTier Oilfield Solutions by 7.9% during the 1st quarter. Hsbc Holdings PLC now owns 25,090 shares of the company’s stock valued at $235,000 after acquiring an additional 1,831 shares in the last quarter. Arizona State Retirement System lifted its position in NexTier Oilfield Solutions by 7.7% in the 2nd quarter. Arizona State Retirement System now owns 52,855 shares of the company’s stock valued at $503,000 after acquiring an additional 3,799 shares in the last quarter. Nisa Investment Advisors LLC bought a new position in NexTier Oilfield Solutions in the 1st quarter valued at approximately $49,000. Teacher Retirement System of Texas raised its stake in NexTier Oilfield Solutions by 21.6% during the 4th quarter. Teacher Retirement System of Texas now owns 31,561 shares of the company’s stock valued at $112,000 after buying an additional 5,615 shares during the last quarter. Finally, Profund Advisors LLC raised its stake in NexTier Oilfield Solutions by 19.2% during the 4th quarter. Profund Advisors LLC now owns 44,742 shares of the company’s stock valued at $159,000 after buying an additional 7,196 shares during the last quarter. Hedge funds and other institutional investors own 80.49% of the company’s stock.

About NexTier Oilfield Solutions

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NexTier Oilfield Solutions Inc, through its subsidiaries, provides well completion and production services in various active and demanding basins. The company operates through two segments, Completion Services, and Well Construction and Intervention Services. The Completion Services segment offers hydraulic fracturing services to enhance production of oil and natural gas from formations with low permeability and restricted flow of hydrocarbons; wireline services; and perforating, pumpdown, pipe recovery, pressure pumping, and wellsite make-up and pressure testing services.