NexTier Oilfield Solutions (NYSE:NEX) Shares Gap Down to $10.32

NexTier Oilfield Solutions Inc. (NYSE:NEXGet Rating) shares gapped down prior to trading on Thursday . The stock had previously closed at $10.32, but opened at $10.00. NexTier Oilfield Solutions shares last traded at $10.30, with a volume of 36,005 shares trading hands.

A number of equities analysts have recently issued reports on NEX shares. Stifel Nicolaus upped their target price on shares of NexTier Oilfield Solutions from $10.00 to $12.00 in a research report on Friday, April 8th. Susquehanna upped their price objective on NexTier Oilfield Solutions from $7.70 to $9.00 and gave the stock a “neutral” rating in a report on Friday, March 4th. JPMorgan Chase & Co. lifted their target price on NexTier Oilfield Solutions from $9.00 to $13.00 in a research note on Friday, April 29th. StockNews.com started coverage on NexTier Oilfield Solutions in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, TheStreet upgraded NexTier Oilfield Solutions from a “d+” rating to a “c” rating in a report on Tuesday, February 22nd. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, NexTier Oilfield Solutions has an average rating of “Buy” and a consensus price target of $11.84.

The company has a debt-to-equity ratio of 0.68, a current ratio of 1.09 and a quick ratio of 1.00. The company has a 50-day moving average price of $9.99 and a 200-day moving average price of $6.93.

NexTier Oilfield Solutions (NYSE:NEXGet Rating) last issued its earnings results on Monday, February 21st. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.08. The firm had revenue of $509.73 million for the quarter, compared to analysts’ expectations of $505.48 million. NexTier Oilfield Solutions had a negative return on equity of 9.81% and a negative net margin of 3.07%. During the same quarter last year, the business earned ($0.32) earnings per share. On average, research analysts anticipate that NexTier Oilfield Solutions Inc. will post 0.51 earnings per share for the current fiscal year.

In other news, major shareholder Keane Investor Holdings Llc sold 7,000,000 shares of the firm’s stock in a transaction dated Tuesday, May 3rd. The stock was sold at an average price of $10.80, for a total transaction of $75,600,000.00. Following the sale, the insider now owns 32,330,828 shares of the company’s stock, valued at $349,172,942.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James Carl Stewart sold 150,000 shares of NexTier Oilfield Solutions stock in a transaction dated Tuesday, March 8th. The shares were sold at an average price of $9.22, for a total value of $1,383,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,075,663 shares of company stock valued at $85,087,666. Corporate insiders own 2.20% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in NEX. Allspring Global Investments Holdings LLC acquired a new stake in shares of NexTier Oilfield Solutions during the fourth quarter worth $543,000. Goldman Sachs Group Inc. increased its holdings in NexTier Oilfield Solutions by 716.8% during the 3rd quarter. Goldman Sachs Group Inc. now owns 3,801,541 shares of the company’s stock worth $17,487,000 after purchasing an additional 3,336,137 shares in the last quarter. K.J. Harrison & Partners Inc raised its stake in shares of NexTier Oilfield Solutions by 111.1% in the 4th quarter. K.J. Harrison & Partners Inc now owns 38,000 shares of the company’s stock valued at $135,000 after purchasing an additional 20,000 shares during the period. Franklin Resources Inc. lifted its holdings in shares of NexTier Oilfield Solutions by 38.9% in the third quarter. Franklin Resources Inc. now owns 7,728,821 shares of the company’s stock valued at $35,553,000 after purchasing an additional 2,162,976 shares in the last quarter. Finally, Profund Advisors LLC boosted its position in shares of NexTier Oilfield Solutions by 19.2% during the fourth quarter. Profund Advisors LLC now owns 44,742 shares of the company’s stock worth $159,000 after buying an additional 7,196 shares during the period. 80.49% of the stock is currently owned by hedge funds and other institutional investors.

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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