Newpark Resources (NYSE:NR) Price Target Increased to $11.00 by Analysts at B. Riley

Newpark Resources (NYSE:NR) had its price objective upped by equities researchers at B. Riley from $10.00 to $11.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the oil and gas company’s stock. B. Riley’s price target points to a potential upside of 49.25% from the company’s previous close. B. Riley also issued estimates for Newpark Resources’ Q2 2024 earnings at $0.08 EPS, FY2024 earnings at $0.36 EPS and FY2025 earnings at $0.39 EPS.

A number of other research firms also recently commented on NR. StockNews.com upgraded Newpark Resources from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Roth Capital restated a “buy” rating on shares of Newpark Resources in a research note on Friday, March 8th. Roth Mkm started coverage on Newpark Resources in a research note on Friday, March 8th. They issued a “buy” rating and a $10.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $12.00 target price on shares of Newpark Resources in a research report on Monday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $11.00.

Newpark Resources Stock Up 2.9 %

NR opened at $7.37 on Monday. Newpark Resources has a 12 month low of $3.40 and a 12 month high of $7.84. The business has a 50-day moving average of $7.19 and a two-hundred day moving average 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. The stock has a market capitalization of $627.92 million, a price-to-earnings ratio of 40.95 and a beta of 2.78.

Newpark Resources (NYSE:NR) last released its 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 6.67%. The company had revenue of $167.82 million during the quarter, compared to analysts’ expectations of $170.87 million. On average, research analysts expect that Newpark Resources will post 0.3 earnings per share for the current year.

Hedge Funds Weigh In On Newpark Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP grew its position in Newpark Resources by 20.5% in the third 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 in the last quarter. Assenagon Asset Management S.A. grew its holdings in Newpark Resources by 53.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 608,342 shares of the oil and gas company’s stock valued at $4,039,000 after purchasing an additional 212,872 shares in the last quarter. Ritholtz Wealth Management purchased a new stake in Newpark Resources during the 4th quarter worth $450,000. Vanguard Group Inc. increased its stake in 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 worth $28,932,000 after buying an additional 162,941 shares during the period. Finally, Kennedy Capital Management LLC acquired a new position in Newpark Resources in the 3rd quarter worth $1,294,000. 80.81% of the stock is owned by institutional investors and hedge funds.

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.