The stock of Newpark Resources, Inc. (NYSE:NR) is now priced at $1.89 and the shares are -0.1 points down or -5.03% lower compared to its previous closing price of $1.99. The stock had 1.223 million contracts set over the past session. NR shares’ daily volume is compared to its average trading volume at 1.042 million shares. However, it has a float of 87.12 million and although its performance was 0% over the week, it’s one to watch. Analysts have given the NR stock a yearly average price target of $2.25 per share. It means the stock’s upside potential is 19.05% with the NR share price recently placing at $1.855 to $1.98. However, some brokerage firms have priced the stock below the average, including one that has called $2.
The shorts are running away from the Newpark Resources, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NR shares have declined. Short interest in the stock represents just 1.76% of its float, but the volume has dropped by 0. The average intraday trading volume has been shares, which means that days to cover moved to roughly.
In the last trading session, Newpark Resources, Inc. (NYSE:NR) raised by $unch over the week and lost -$0.04 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $8.08. The stock recorded its established 52-week high on 09/16/19.
Since 04/03/20, the stock has traded to a low of $0.65 at 190.77%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.95. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Newpark Resources, Inc.’s two-week RSI is 43.26. This suggests that the stock is neutral at the moment and that NR shares’ price movement remains stable. The stochastic readings are equally revealing at 41.76% meaning the NR share price is currently in neutral territory.
The technical chart shows that the NR stock will likely settle at between $1.9617 and $2.0333 per share. However, if the stock dips below $1.8367, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.7833.
Currently, the stock is trading in the red of MACD, with a reading of -0.0389. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at CapitalOne cut their recommendation for NR from Overweight to Equal Weight in March 17 review. Evercore ISI analysts downgraded their recommendation of the stock from Outperform to In-line in a flash note released to investors on March 09. Johnson Rice seeing the improvements upgraded the stock from Hold to Buy on March 05.
The average rating for the NR equity is 2 and is currently gathering a bullish momentum. Of 5 analysts tracking Newpark Resources, Inc. polled by Reuters, 2 rated NR as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Newpark Resources, Inc. (NYSE:NR) will decrease by about -99.94%, which will see them reach $105 million. The company’s full-year revenues are, however, expected to diminish by about -40.67%, down from $820 million to $487 million. NR’s expected adjusted earnings should surge almost 700% to end up at -$0.16 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -957.14% to record -$0.6/share.