Newpark Resources Inc (NYSE:NR) was the recipient of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 5,720,000 shares, a decrease of 8.9% from the August 30th total of 6,280,000 shares. Approximately 6.6% of the shares of the company are short sold. Based on an average trading volume of 467,400 shares, the days-to-cover ratio is presently 12.2 days.
A number of hedge funds have recently added to or reduced their stakes in NR. Magnus Financial Group LLC acquired a new stake in Newpark Resources during the second quarter valued at $106,000. Marshall Wace North America L.P. grew its position in Newpark Resources by 1,896.5% during the second quarter. Marshall Wace North America L.P. now owns 15,972 shares of the oil and gas company’s stock valued at $119,000 after buying an additional 15,172 shares during the period. Miles Capital Inc. grew its position in Newpark Resources by 9.7% during the second quarter. Miles Capital Inc. now owns 16,557 shares of the oil and gas company’s stock valued at $123,000 after buying an additional 1,459 shares during the period. Capital Fund Management S.A. acquired a new stake in Newpark Resources during the second quarter valued at $128,000. Finally, Envestnet Asset Management Inc. grew its position in Newpark Resources by 3.6% during the second quarter. Envestnet Asset Management Inc. now owns 49,313 shares of the oil and gas company’s stock valued at $366,000 after buying an additional 1,725 shares during the period. Institutional investors own 99.55% of the company’s stock.
NR stock remained flat at $$6.93 during midday trading on Tuesday. 767,420 shares of the company traded hands, compared to its average volume of 520,717. The firm has a market capitalization of $679.97 million, a price-to-earnings ratio of 16.90 and a beta of 1.56. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.23 and a current ratio of 3.57. The company’s fifty day moving average is $7.26 and its two-hundred day moving average is $7.42. Newpark Resources has a 52 week low of $6.06 and a 52 week high of $10.07.
Newpark Resources (NYSE:NR) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.01). The firm had revenue of $216.41 million for the quarter, compared to analyst estimates of $216.63 million. Newpark Resources had a net margin of 2.17% and a return on equity of 5.10%. The firm’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.12 EPS. Sell-side analysts anticipate that Newpark Resources will post 0.27 EPS for the current year.
NR has been the topic of a number of research reports. ValuEngine upgraded shares of Newpark Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research upgraded shares of Newpark Resources from a “hold” rating to a “buy” rating and set a $8.50 price objective on the stock in a research note on Wednesday, October 2nd. Raymond James set a $12.00 price objective on shares of Newpark Resources and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, TheStreet upgraded shares of Newpark Resources from a “c+” rating to a “b-” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Newpark Resources currently has a consensus rating of “Buy” and an average target price of $11.17.
About Newpark Resources
Newpark Resources, Inc provides products, rentals, and services primarily to the oil and natural gas exploration and production industry. It operates through two segments, Fluids Systems, and Mats and Integrated Services. The Fluids Systems segment offers drilling and completion fluids solutions, and technical services to customers in the North America, Europe, the Middle East, Africa, Latin America, and the Asia Pacific regions.
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