Federated Hermes Inc. Lowers Stake in Newpark Resources, Inc. (NYSE:NR)

Federated Hermes Inc. trimmed its holdings in Newpark Resources, Inc. (NYSE:NR) by 33.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 33,057 shares of the oil and gas company’s stock after selling 16,887 shares during the quarter. Federated Hermes Inc.’s holdings in Newpark Resources were worth $219,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Dorsey Wright & Associates acquired a new position in Newpark Resources in the 3rd quarter valued at about $32,000. Principal Financial Group Inc. purchased a new position in shares of Newpark Resources in the 3rd quarter valued at approximately $78,000. Legato Capital Management LLC acquired a new position in shares of Newpark Resources in the fourth quarter valued at approximately $96,000. Mackenzie Financial Corp purchased a new stake in shares of Newpark Resources during the fourth quarter worth approximately $101,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Newpark Resources during the fourth quarter worth $105,000. Institutional investors and hedge funds own 80.81% of the company’s stock.

Newpark Resources Stock Up 1.1 %

Shares of NYSE NR opened at $7.10 on Monday. The stock has a market capitalization of $604.93 million, a price-to-earnings ratio of 39.44 and a beta of 2.78. Newpark Resources, Inc. has a 52 week low of $3.40 and a 52 week high of $7.84. The firm has a 50-day moving average price of $7.15 and a 200 day moving average price of $6.86. The company has a quick ratio of 1.59, a current ratio of 2.62 and a debt-to-equity ratio of 0.14.

Newpark Resources (NYSE:NR) last posted its quarterly earnings results on Wednesday, February 21st. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.03). Newpark Resources had a net margin of 2.25% and a return on equity of 6.70%. The company had revenue of $167.82 million for the quarter, compared to analyst estimates of $170.87 million. Equities research analysts anticipate that Newpark Resources, Inc. will post 0.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NR. StockNews.com raised shares of Newpark Resources from a “hold” rating to a “buy” rating in a research note on Friday. Roth Capital reiterated a “buy” rating on shares of Newpark Resources in a research note on Friday, March 8th. B. Riley started coverage on shares of Newpark Resources in a research report on Tuesday, April 9th. They issued a “buy” rating and a $10.00 price objective for the company. Finally, Roth Mkm started coverage on Newpark Resources in a research report on Friday, March 8th. They set a “buy” rating and a $10.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $10.75.

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.