Newpark Resources, Inc. (NR) Given a $9.00 Price Target at Cowen and Company

Newpark Resources, Inc. (NYSE:NR) has been assigned a $9.00 price target by Cowen and Company in a research note issued to investors on Friday, October 6th. The firm currently has a “hold” rating on the oil and gas company’s stock. Cowen and Company’s price objective would suggest a potential downside of 5.76% from the stock’s previous close.

Several other research analysts have also recently weighed in on NR. Loop Capital reaffirmed a “buy” rating on shares of Newpark Resources in a report on Monday, July 3rd. Zacks Investment Research cut shares of Newpark Resources from a “hold” rating to a “sell” rating in a report on Friday, July 21st. Finally, BidaskClub cut shares of Newpark Resources from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $9.50.

Shares of Newpark Resources (NYSE NR) opened at 9.55 on Friday. The firm’s market cap is $817.56 million. Newpark Resources has a one year low of $5.80 and a one year high of $10.20. The firm has a 50 day moving average price of $9.24 and a 200-day moving average price of $8.04.

Newpark Resources (NYSE:NR) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.03. The firm had revenue of $183.00 million for the quarter, compared to analysts’ expectations of $159.51 million. Newpark Resources had a negative net margin of 2.20% and a negative return on equity of 2.92%. The business’s quarterly revenue was up 58.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.06) earnings per share. Analysts forecast that Newpark Resources will post $0.10 earnings per share for the current year.

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In related news, VP Matthew Lanigan sold 40,771 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $8.46, for a total value of $344,922.66. Following the completion of the transaction, the vice president now directly owns 50,000 shares in the company, valued at $423,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.90% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Dynamic Technology Lab Private Ltd purchased a new stake in Newpark Resources during the second quarter valued at about $292,000. Piedmont Investment Advisors LLC purchased a new stake in Newpark Resources during the second quarter valued at about $141,000. The Manufacturers Life Insurance Company boosted its position in Newpark Resources by 10.8% during the second quarter. The Manufacturers Life Insurance Company now owns 71,821 shares of the oil and gas company’s stock valued at $528,000 after buying an additional 6,981 shares during the period. Cubist Systematic Strategies LLC boosted its position in Newpark Resources by 24.8% during the second quarter. Cubist Systematic Strategies LLC now owns 18,797 shares of the oil and gas company’s stock valued at $138,000 after buying an additional 3,730 shares during the period. Finally, Daruma Capital Management LLC boosted its position in Newpark Resources by 221.1% during the second quarter. Daruma Capital Management LLC now owns 5,830,179 shares of the oil and gas company’s stock valued at $42,852,000 after buying an additional 4,014,692 shares during the period.

Newpark Resources Company Profile

Newpark Resources, Inc is a supplier providing products and services primarily to the oil and gas exploration and production (E&P) industry. The Company’s segments include Fluids Systems, and Mats and Integrated Services. The Fluids Systems segment provides drilling fluids products and technical services to customers in the North America; Europe, the Middle East and Africa; Latin America, and Asia Pacific regions.

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