Credit Suisse Believes NR Still Has Room to GrowBy Carrie Williams
In a report released yesterday, Jacob Lundberg from Credit Suisse reiterated a Buy rating on Newpark Resources (NYSE: NR), with a price target of $8. The company’s shares opened today at $7.35, close to its 52-week high of $8.
“We continue to see NR as well positioned cyclically with leverage to a NAM recovery. From a secular perspective, NR is well positioned to take share in int’l markets, of which the recent ENAP (Chile) contract is indicative.”
According to TipRanks.com, Lundberg is a 3-star analyst with an average return of 5.6% and a 55.6% success rate. Lundberg covers the Basic Materials sector, focusing on stocks such as Eco-Stim Energy Solutions, Tetra Technologies, and Forum Energy Tech.
Newpark Resources has an analyst consensus of Moderate Buy.
The company has a one year high of $8 and a one year low of $3.35. Currently, Newpark Resources has an average volume of 610.2K.
Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2014, Mark Airola, the Sr Vice Pres, General Counsel of NR sold 147,500 shares for a total of $1,840,253.
Newpark Resources, Inc. operates as a oil and gas industry supplier, which provides products and services primarily to the oil and gas exploration industry. It operates through the Fluids Systems, and Mats and Integrated Services segments. The Fluids Systems segment provides customized drilling fluids solutions to exploration and production customers globally. The Mats and Integrated Services segment offers composite mat rentals, well site construction and related site services to oil and gas customers at well, production, transportation and refinery locations in the U.S. The company was founded in 1932 and is headquartered in The Woodlands, TX.