HC Wainwright Weighs in on Newpark Resources, Inc.’s Q2 2024 Earnings (NYSE:NR)

Newpark Resources, Inc. (NYSE:NR) – Investment analysts at HC Wainwright upped their Q2 2024 earnings per share (EPS) estimates for shares of Newpark Resources in a report issued on Monday, May 6th. HC Wainwright analyst A. Dayal now expects that the oil and gas company will post earnings of $0.09 per share for the quarter, up from their prior estimate of $0.05. HC Wainwright currently has a “Buy” rating and a $12.00 target price on the stock. The consensus estimate for Newpark Resources’ current full-year earnings is $0.30 per share. HC Wainwright also issued estimates for Newpark Resources’ Q3 2024 earnings at $0.08 EPS, Q4 2024 earnings at $0.11 EPS and FY2024 earnings at $0.36 EPS.

Newpark Resources (NYSE:NR) last released its earnings results on Wednesday, February 21st. The oil and gas company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.03). Newpark Resources had a net margin of 2.25% and a return on equity of 6.67%. The business had revenue of $167.82 million for the quarter, compared to the consensus estimate of $170.87 million.

Several other research firms have also commented on NR. B. Riley upped their target price on Newpark Resources from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday. Roth Capital restated a “buy” rating on shares of Newpark Resources in a research note on Friday, March 8th. Roth Mkm assumed coverage on Newpark Resources in a research note on Friday, March 8th. They issued a “buy” rating and a $10.00 target price on the stock. Finally, StockNews.com upgraded shares of Newpark Resources from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $11.00.

Newpark Resources Price Performance

Shares of NYSE:NR opened at $7.37 on Wednesday. The company has a quick ratio of 1.74, a current ratio of 2.79 and a debt-to-equity ratio of 0.14. The firm has a 50-day simple moving average of $7.19 and a 200 day simple moving average of $6.86. Newpark Resources has a fifty-two week low of $3.40 and a fifty-two week high of $7.84. The company has a market cap of $627.92 million, a PE ratio of 40.95 and a beta of 2.78.

Institutional Trading of Newpark Resources

Several hedge funds have recently added to or reduced their stakes in the business. CWM LLC increased its holdings in shares of Newpark Resources by 495.4% during the first quarter. CWM LLC now owns 4,537 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 3,775 shares during the period. Dorsey Wright & Associates bought a new position in Newpark Resources in the 3rd quarter valued at about $32,000. New York State Teachers Retirement System acquired a new position in Newpark Resources during the 1st quarter valued at about $50,000. Fortitude Family Office LLC raised its position in shares of Newpark Resources by 179.1% during the 1st quarter. Fortitude Family Office LLC now owns 7,404 shares of the oil and gas company’s stock worth $53,000 after buying an additional 4,751 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new stake in shares of Newpark Resources in the 4th quarter worth approximately $49,000. Institutional investors own 80.81% of the company’s stock.

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.