StockNews.com Begins Coverage on Newpark Resources (NYSE:NR)

StockNews.com initiated coverage on shares of Newpark Resources (NYSE:NR) in a report published on Saturday morning. The brokerage issued a hold rating on the oil and gas company’s stock.

Separately, HC Wainwright reissued a “buy” rating and issued a $12.00 price objective on shares of Newpark Resources in a research report on Monday, November 11th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Newpark Resources presently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Newpark Resources Stock Performance

The stock’s 50 day simple moving average is $7.41 and its 200-day simple moving average is $7.63. The company has a market capitalization of $627.10 million, a PE ratio of 27.89 and a beta of 2.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.29 and a quick ratio of 2.00. Newpark Resources has a 1-year low of $5.61 and a 1-year high of $8.65.

Hedge Funds Weigh In On Newpark Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its position in shares of Newpark Resources by 17.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 348,611 shares of the oil and gas company’s stock worth $2,897,000 after acquiring an additional 52,494 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Newpark Resources in the 2nd quarter valued at $189,000. Principal Financial Group Inc. increased its stake in shares of Newpark Resources by 9.6% in the 2nd quarter. Principal Financial Group Inc. now owns 37,348 shares of the oil and gas company’s stock valued at $310,000 after purchasing an additional 3,270 shares during the last quarter. Rothschild Investment LLC acquired a new position in shares of Newpark Resources during the 2nd quarter worth $882,000. Finally, Ritholtz Wealth Management lifted its position in shares of Newpark Resources by 22.0% during the 2nd quarter. Ritholtz Wealth Management now owns 189,623 shares of the oil and gas company’s stock worth $1,576,000 after buying an additional 34,148 shares during the last quarter. Institutional investors own 80.81% of the company’s stock.

Newpark Resources Company Profile

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.