Newpark Resources (NYSE:NR) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Newpark Resources (NYSE:NR) from a hold rating to a buy rating in a research report report published on Wednesday morning, reports. The firm currently has $3.75 price objective on the oil and gas company’s stock.

According to Zacks, “Newpark Resources, Inc. is a worldwide provider of value-added drilling fluids systems, and composite matting systems used in oilfield and other commercial markets. “

Shares of Newpark Resources stock opened at $3.18 on Wednesday. The company has a current ratio of 3.65, a quick ratio of 1.88 and a debt-to-equity ratio of 0.19. The stock’s fifty day moving average price is $3.48 and its 200-day moving average price is $2.18. The firm has a market cap of $289.23 million, a P/E ratio of -3.61 and a beta of 3.91. Newpark Resources has a 12 month low of $0.70 and a 12 month high of $4.08.

Newpark Resources (NYSE:NR) last posted its earnings results on Thursday, February 11th. The oil and gas company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. Newpark Resources had a negative net margin of 14.37% and a negative return on equity of 9.36%. The business had revenue of $129.71 million for the quarter, compared to the consensus estimate of $121.50 million. Analysts forecast that Newpark Resources will post -0.63 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new position in shares of Newpark Resources in the 3rd quarter worth approximately $30,000. Cubist Systematic Strategies LLC lifted its holdings in shares of Newpark Resources by 150.2% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 32,537 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 19,531 shares during the last quarter. Citigroup Inc. boosted its position in shares of Newpark Resources by 228.7% in the 4th quarter. Citigroup Inc. now owns 18,362 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 12,776 shares in the last quarter. ProShare Advisors LLC grew its stake in Newpark Resources by 58.7% during the 4th quarter. ProShare Advisors LLC now owns 19,890 shares of the oil and gas company’s stock worth $38,000 after buying an additional 7,356 shares during the last quarter. Finally, Credit Suisse AG increased its position in Newpark Resources by 66.2% during the 4th quarter. Credit Suisse AG now owns 26,380 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 10,503 shares in the last quarter. 82.16% of the stock is owned by institutional investors and hedge funds.

About Newpark Resources

Newpark Resources, Inc supplies products, as well as rentals and services primarily to the oil and natural gas exploration and production industry. The company 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 certain countries in Asia Pacific and Latin America.

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