NexTier Oilfield Solutions (NYSE:NEX) Shares Down 7.7%

Posted by on Jun 17th, 2022

NexTier Oilfield Solutions Inc. (NYSE:NEX – Get Rating)’s stock price dropped 7.7% on Friday . The stock traded as low as $9.29 and last traded at $9.38. Approximately 198,772 shares traded hands during trading, a decline of 94% from the average daily volume of 3,139,861 shares. The stock had previously closed at $10.16.

NEX has been the subject of several recent research reports. StockNews.com assumed coverage on NexTier Oilfield Solutions in a report on Thursday, March 31st. They set a “hold” rating for the company. Citigroup boosted their target price on NexTier Oilfield Solutions to $15.00 in a research report on Friday, June 3rd. JPMorgan Chase & Co. boosted their target price on NexTier Oilfield Solutions from $9.00 to $13.00 in a research report on Friday, April 29th. Barclays boosted their target price on NexTier Oilfield Solutions from $9.00 to $15.00 in a research report on Monday, May 2nd. Finally, TheStreet upgraded NexTier Oilfield Solutions from a “d+” rating to a “c” rating in a research report on Tuesday, February 22nd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $13.00.

The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.00 and a current ratio of 1.09. The business has a 50-day simple moving average of $10.77 and a two-hundred day simple moving average of $7.93. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of -34.00 and a beta of 2.12.

In other NexTier Oilfield Solutions news, Director James Carl Stewart sold 57,500 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $12.00, for a total transaction of $690,000.00. Following the completion of the transaction, the director now owns 2,276,867 shares of the company’s stock, valued at approximately $27,322,404. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Keane Investor Holdings Llc sold 7,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 3rd. The stock was sold at an average price of $10.80, for a total value of $75,600,000.00. Following the transaction, the insider now directly owns 32,330,828 shares of the company’s stock, valued at approximately $349,172,942.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,197,690 shares of company stock valued at $77,924,360. Insiders own 12.50% of the company’s stock.

Several institutional investors have recently made changes to their positions in NEX. Van ECK Associates Corp raised its stake in shares of NexTier Oilfield Solutions by 87.2% during the 1st quarter. Van ECK Associates Corp now owns 8,019,096 shares of the company’s stock worth $74,096,000 after purchasing an additional 3,735,488 shares in the last quarter. SIR Capital Management L.P. raised its stake in shares of NexTier Oilfield Solutions by 237.6% during the 4th quarter. SIR Capital Management L.P. now owns 2,779,386 shares of the company’s stock worth $9,867,000 after purchasing an additional 1,956,030 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of NexTier Oilfield Solutions by 33.1% during the 4th quarter. Russell Investments Group Ltd. now owns 7,335,585 shares of the company’s stock worth $26,039,000 after purchasing an additional 1,822,786 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of NexTier Oilfield Solutions by 266.2% during the 1st quarter. Bank of New York Mellon Corp now owns 2,401,437 shares of the company’s stock worth $22,189,000 after purchasing an additional 1,745,628 shares in the last quarter. Finally, MESIROW FINANCIAL INVESTMENT MANAGEMENT Equity & Fixed Income bought a new stake in shares of NexTier Oilfield Solutions during the 4th quarter worth approximately $6,092,000. Institutional investors own 80.49% of the company’s stock.

About NexTier Oilfield Solutions (NYSE:NEX)

NexTier Oilfield Solutions Inc, through its subsidiaries, provides well completion and production services in various active and demanding basins. The company operates through two segments, Completion Services, and Well Construction and Intervention Services. The Completion Services segment offers hydraulic fracturing services to enhance production of oil and natural gas from formations with low permeability and restricted flow of hydrocarbons; wireline services; and perforating, pumpdown, pipe recovery, pressure pumping, and wellsite make-up and pressure testing services.

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