The stock of NexTier Oilfield Solutions Inc. (NYSE:NEX) is now priced at $2.52 and the shares are 0 points down or 0% lower compared to its previous closing price of $2.52. The stock had 1.105 million contracts set over the past session. NEX shares’ daily volume is compared to its average trading volume at 1.34 million shares. However, it has a float of 207 million and although its performance was -5.26% over the week, it’s one to watch. Analysts have given the NEX stock a yearly average price target of $3.75 per share. It means the stock’s upside potential is 48.81% with the NEX share price recently placing at $2.44 to $2.59. However, some brokerage firms have priced the stock below the average, including one that has called $2.
The shorts are running away from the NexTier Oilfield Solutions Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NEX shares have declined. Short interest in the stock represents just 2.48% of its float, but the volume has dropped by 0.
In the last trading session, NexTier Oilfield Solutions Inc. (NYSE:NEX) dropped by -$0.14 over the week and lost -$0.28 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $7.21. The stock recorded its established 52-week high on 09/16/19.
Since 03/27/20, the stock has traded to a low of $1 at 152%, 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 3.4. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, NexTier Oilfield Solutions Inc.’s two-week RSI is 44.12. This suggests that the stock is neutral at the moment and that NEX shares’ price movement remains stable. The stochastic readings are equally revealing at 20.88% meaning the NEX share price is currently in overbought territory.
The technical chart shows that the NEX stock will likely settle at between $2.59 and $2.67 per share. However, if the stock dips below $2.44, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.37.
Currently, the stock is trading in the red of MACD, with a reading of -0.02. 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 Piper Sandler cut their recommendation for NEX from Overweight to Neutral in March 13 review while maintai their target price of $11.50 to $2.50. Evercore ISI analysts downgraded their recommendation of the stock from Outperform to In-line in a flash note released to investors on March 11. Citigroup seeing the stock struggling downgraded it from Buy to Neutral on March 09.
The average rating for the NEX equity is 2.29 and is currently gathering a bullish momentum. Of 17 analysts tracking NexTier Oilfield Solutions Inc. polled by Reuters, 7 rated NEX as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (10) 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.