Bank of New York Mellon Corp Purchases 52,494 Shares of Newpark Resources, Inc. (NYSE:NR)

Bank of New York Mellon Corp grew its position in shares of Newpark Resources, Inc. (NYSE:NR) by 17.7% in the second quarter, Holdings Channel reports. The fund owned 348,611 shares of the oil and gas company’s stock after buying an additional 52,494 shares during the quarter. Bank of New York Mellon Corp’s holdings in Newpark Resources were worth $2,897,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Calamos Advisors LLC bought a new position in shares of Newpark Resources during the 2nd quarter worth $1,046,000. Catalina Capital Group LLC raised its stake in shares of Newpark Resources by 10.6% in the second quarter. Catalina Capital Group LLC now owns 14,241 shares of the oil and gas company’s stock worth $118,000 after purchasing an additional 1,360 shares during the last quarter. Riverwater Partners LLC raised its stake in shares of Newpark Resources by 5.0% in the second quarter. Riverwater Partners LLC now owns 79,028 shares of the oil and gas company’s stock worth $657,000 after purchasing an additional 3,774 shares during the last quarter. ARS Investment Partners LLC raised its stake in shares of Newpark Resources by 53.3% in the second quarter. ARS Investment Partners LLC now owns 30,031 shares of the oil and gas company’s stock worth $250,000 after purchasing an additional 10,446 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC purchased a new position in Newpark Resources during the second quarter valued at approximately $346,000. 80.81% of the stock is currently owned by institutional investors.

Newpark Resources Stock Up 0.7 %

Shares of NYSE NR opened at $7.12 on Monday. The stock has a market cap of $606.64 million, a PE ratio of 39.56 and a beta of 2.87. The company has a quick ratio of 1.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.09. Newpark Resources, Inc. has a 52-week low of $5.61 and a 52-week high of $8.65. The business has a 50-day moving average price of $7.80 and a 200 day moving average price of $7.64.

Newpark Resources (NYSE:NR) last issued its earnings results on Monday, August 5th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The business had revenue of $179.01 million during the quarter, compared to the consensus estimate of $171.04 million. Newpark Resources had a return on equity of 7.49% and a net margin of 3.15%. During the same period in the prior year, the business posted $0.08 EPS. Equities research analysts forecast that Newpark Resources, Inc. will post 0.36 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on NR shares. StockNews.com upgraded Newpark Resources from a “hold” rating to a “buy” rating in a research report on Sunday. HC Wainwright reaffirmed a “buy” rating and issued a $12.00 price target on shares of Newpark Resources in a research note on Wednesday, August 7th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $11.00.

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.