Franklin Resources Inc. Trims Position in NexTier Oilfield Solutions Inc. (NYSE:NEX)

Posted by on Jun 2nd, 2023

Franklin Resources Inc. lessened its stake in NexTier Oilfield Solutions Inc. (NYSE:NEX – Get Rating) by 7.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 694,140 shares of the company’s stock after selling 59,770 shares during the period. Franklin Resources Inc. owned 0.28% of NexTier Oilfield Solutions worth $6,414,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in NEX. C M Bidwell & Associates Ltd. purchased a new position in NexTier Oilfield Solutions in the 3rd quarter worth about $33,000. Harbor Investment Advisory LLC purchased a new position in NexTier Oilfield Solutions in the 4th quarter worth about $36,000. Captrust Financial Advisors increased its stake in NexTier Oilfield Solutions by 42.9% in the 2nd quarter. Captrust Financial Advisors now owns 4,066 shares of the company’s stock worth $39,000 after buying an additional 1,221 shares during the period. Macquarie Group Ltd. increased its stake in NexTier Oilfield Solutions by 52.7% in the 2nd quarter. Macquarie Group Ltd. now owns 6,831 shares of the company’s stock worth $65,000 after buying an additional 2,357 shares during the period. Finally, ANTIPODES PARTNERS Ltd purchased a new position in NexTier Oilfield Solutions during the 4th quarter valued at about $68,000. Hedge funds and other institutional investors own 76.09% of the company’s stock.

NexTier Oilfield Solutions Stock Up 6.0 %

NEX stock opened at $7.99 on Friday. The firm has a 50 day moving average of $8.02 and a 200 day moving average of $8.87. The stock has a market capitalization of $1.84 billion, a PE ratio of 3.47, a price-to-earnings-growth ratio of 1.18 and a beta of 2.08. The company has a quick ratio of 1.11, a current ratio of 1.21 and a debt-to-equity ratio of 0.36. NexTier Oilfield Solutions Inc. has a 52 week low of $6.66 and a 52 week high of $12.50.

NexTier Oilfield Solutions (NYSE:NEX – Get Rating) last released its earnings results on Tuesday, April 25th. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.03. The company had revenue of $935.67 million during the quarter, compared to analysts’ expectations of $926.41 million. NexTier Oilfield Solutions had a net margin of 15.80% and a return on equity of 63.92%. Sell-side analysts forecast that NexTier Oilfield Solutions Inc. will post 2.53 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have commented on NEX shares. Citigroup raised their target price on shares of NexTier Oilfield Solutions from $12.00 to $12.50 and gave the company a “buy” rating in a research report on Friday, February 17th. StockNews.com started coverage on shares of NexTier Oilfield Solutions in a research report on Thursday, May 18th. They set a “buy” rating on the stock. Susquehanna cut their target price on shares of NexTier Oilfield Solutions from $10.00 to $8.90 in a research report on Monday, April 3rd. Bank of America downgraded shares of NexTier Oilfield Solutions from a “neutral” rating to an “underperform” rating and set a $8.50 target price on the stock. in a research report on Tuesday, April 18th. Finally, Piper Sandler cut their target price on shares of NexTier Oilfield Solutions from $14.00 to $13.00 in a research report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.54.

NexTier Oilfield Solutions Profile

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NexTier Oilfield Solutions, Incis an oilfield service company. It offers completion solutions, hydraulic fracturing, wire line, pump down, coiled tubing, cementing, rig services, special services, and fluids management services. The company operates through the following segments: Completion Services, Well Construction and Intervention Services, and Well Support Services.

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Institutional Ownership by Quarter for NexTier Oilfield Solutions (NYSE:NEX)

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