NexTier Oilfield Solutions (NYSE:NEX) Receives New Coverage from Analysts at StockNews.com

StockNews.com initiated coverage on shares of NexTier Oilfield Solutions (NYSE:NEX) in a research note issued to investors on Friday. The brokerage issued a buy rating on the stock.

Other analysts have also recently issued research reports about the company. Stifel Nicolaus lowered their price target on NexTier Oilfield Solutions from $18.00 to $16.00 in a research report on Wednesday, July 12th. Citigroup lifted their price target on NexTier Oilfield Solutions from $9.75 to $11.30 and gave the stock a neutral rating in a research report on Tuesday, July 18th. Barclays reduced their price objective on NexTier Oilfield Solutions from $18.00 to $13.00 in a research note on Thursday, June 8th. Finally, Susquehanna reduced their price objective on NexTier Oilfield Solutions from $8.00 to $7.00 in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $12.48.

NexTier Oilfield Solutions Trading Up 0.8 %

NYSE:NEX opened at $10.69 on Friday. NexTier Oilfield Solutions has a 12 month low of $6.66 and a 12 month high of $11.99. The firm has a fifty day simple moving average of $11.00 and a 200-day simple moving average of $9.30. The company has a current ratio of 1.37, a quick ratio of 1.26 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.44 billion, a P/E ratio of 4.00, a PEG ratio of 1.94 and a beta of 2.13.

NexTier Oilfield Solutions (NYSE:NEX) last issued its quarterly earnings results on Tuesday, July 25th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. NexTier Oilfield Solutions had a return on equity of 61.01% and a net margin of 17.59%. The company had revenue of $945.09 million during the quarter, compared to analysts’ expectations of $948.66 million. On average, equities research analysts anticipate that NexTier Oilfield Solutions will post 2.16 earnings per share for the current year.

Insider Activity at NexTier Oilfield Solutions

In related news, CAO Oladipo Iluyomade sold 2,491 shares of NexTier Oilfield Solutions stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $11.00, for a total value of $27,401.00. Following the completion of the transaction, the chief accounting officer now owns 9,056 shares in the company, valued at approximately $99,616. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other NexTier Oilfield Solutions news, EVP Kevin M. Mcdonald sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $11.70, for a total transaction of $1,170,000.00. Following the completion of the sale, the executive vice president now directly owns 329,560 shares in the company, valued at approximately $3,855,852. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Oladipo Iluyomade sold 2,491 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $11.00, for a total value of $27,401.00. Following the sale, the chief accounting officer now owns 9,056 shares of the company’s stock, valued at $99,616. The disclosure for this sale can be found here. Insiders sold a total of 481,491 shares of company stock worth $5,610,901 in the last 90 days. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On NexTier Oilfield Solutions

Several large investors have recently bought and sold shares of NEX. BlackRock Inc. increased its stake in NexTier Oilfield Solutions by 99.9% during the 1st quarter. BlackRock Inc. now owns 26,240,184 shares of the company’s stock worth $208,609,000 after buying an additional 13,115,970 shares in the last quarter. Principal Financial Group Inc. increased its stake in NexTier Oilfield Solutions by 214.5% during the 1st quarter. Principal Financial Group Inc. now owns 7,628,565 shares of the company’s stock worth $60,647,000 after buying an additional 5,203,008 shares in the last quarter. FMR LLC increased its stake in NexTier Oilfield Solutions by 34.8% during the 1st quarter. FMR LLC now owns 17,449,887 shares of the company’s stock worth $138,727,000 after buying an additional 4,502,029 shares in the last quarter. State Street Corp increased its stake in NexTier Oilfield Solutions by 68.0% during the 1st quarter. State Street Corp now owns 8,349,636 shares of the company’s stock worth $66,380,000 after buying an additional 3,380,899 shares in the last quarter. Finally, Macquarie Group Ltd. increased its stake in NexTier Oilfield Solutions by 54.8% during the 1st quarter. Macquarie Group Ltd. now owns 7,610,622 shares of the company’s stock worth $60,504,000 after buying an additional 2,695,045 shares in the last quarter. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

About NexTier Oilfield Solutions

As of September 1, 2023, NexTier Oilfield Solutions Inc was acquired by Patterson-UTI Energy, Inc NexTier Oilfield Solutions Inc, through its subsidiaries, provides well completion and production services in various active and demanding basins. The company operates in two segments, Completion Services, and Well Construction and Intervention Services.