Upgrade Alert for Newpark Resources (NR)
Newpark Resources (NYSE:NR) was upgraded from Hold to Buy at Tudor Pickering today. The stock closed yesterday at $4.98 on volume of 1.9 million shares, above average daily volume of 887,000.
Newpark Resources, Inc. provides environmental services to the oil and gas exploration and production industry, primarily in the Gulf Coast market. Services include processing and disposal of oilfield exploration and production waste and drilling fluids, along with associated engineering and technical services, and fluids processing and recycling services at the rig site.
Potential upside of 45.6% exists for Newpark Resources, based on a current level of $4.98 and analysts' average consensus price target of $7.25. The stock should hit resistance at its 200-day moving average (MA) of $5.42, as well as support at its 50-day MA of $4.34.
In the past 52 weeks, shares of Newpark Resources have traded between a low of $3.35 and a high of $10.72 and closed yesterday at $4.98, which is 49% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.8% while the 200-day MA has slid 0.8%.
SmarTrend recommended that subscribers consider buying shares of Newpark Resources on March 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $4.36. Since that recommendation, shares of Newpark Resources have risen 7.2%. We continue to monitor NR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades newpark resources