NexTier Oilfield Solutions Inc. (NYSE:NEX) Major Shareholder Keane Investor Holdings Llc Sells 7,000,000 Shares
NextTier Oilfield Solutions Inc. (NYSE: NEX – Get a rating) major shareholder Keane Investor Holdings Llc sold 7,000,000 shares of the company in a transaction dated Tuesday, May 3. 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, valued at approximately $349,172,942.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, available at this link. Major shareholders who own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
NextTier Oilfield Solutions Stock opened at $11.47 on Thursday. The company has a 50-day moving average of $9.62 and a 200-day moving average of $6.59. NexTier Oilfield Solutions Inc. has a 1-year low of $3.06 and a 1-year high of $11.82. The company has a debt ratio of 0.68, a current ratio of 1.09 and a quick ratio of 1.00. The company has a market capitalization of $2.80 billion, a P/E ratio of -42.48 and a beta of 2.11.
NextTier Oilfield Solutions (NYSE: NEX – Get a rating) last announced its results on Monday, February 21. The company reported EPS of $0.05 for the quarter, beating Thomson Reuters consensus estimate of $0.03 ($0.08). NexTier Oilfield Solutions posted a negative return on equity of 9.81% and a negative net margin of 3.07%. The company posted revenue of $509.73 million for the quarter, compared to $505.48 million expected by analysts. In the same period a year earlier, the company posted ($0.32) earnings per share. Equity analysts expect NexTier Oilfield Solutions Inc. to post EPS of 0.51 for the current year.
Several research analysts have commented on the company. Susquehanna raised its target price on NexTier Oilfield Solutions from $7.70 to $9.00 and gave the stock a “neutral” rating in a Friday, March 4 research note. Zacks Investment Research upgraded NexTier Oilfield Solutions from a “hold” rating to a “buy” rating and set a target price of $13.00 for the company in a Thursday, April 21 research note. Stifel Nicolaus raised his target price on NexTier Oilfield Solutions from $10.00 to $12.00 in a Friday, April 8 research note. Barclays raised its target price on NexTier Oilfield Solutions from $9.00 to $15.00 in a research note on Monday. To finish, StockNews.com began covering NexTier Oilfield Solutions in a research note on Thursday, March 31. They issued a “holding” rating for the company. Four investment analysts gave the stock a hold rating and four gave the stock a buy rating. According to data from MarketBeat, NexTier Oilfield Solutions currently has an average rating of “Buy” and an average target price of $11.70.
A number of hedge funds have recently changed their positions in NEX. Goldman Sachs Group Inc. increased its stake in NexTier Oilfield Solutions by 716.8% in the third quarter. Goldman Sachs Group Inc. now owns 3,801,541 shares of the company valued at $17,487,000 after acquiring 3,336,137 additional shares in the last quarter. Franklin Resources Inc. increased its holdings in NexTier Oilfield Solutions by 38.9% in the third quarter. Franklin Resources Inc. now owns 7,728,821 shares of the company valued at $35,553,000 after acquiring 2,162,976 additional shares in the last quarter. SIR Capital Management LP increased its stake in NexTier Oilfield Solutions by 237.6% in the fourth quarter. SIR Capital Management LP now owns 2,779,386 shares of the company valued at $9,867,000 after acquiring an additional 1,956,030 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in NexTier Oilfield Solutions by 33.1% in the fourth quarter. Russell Investments Group Ltd. now owns 7,335,585 shares of the company valued at $26,039,000 after acquiring an additional 1,822,786 shares in the last quarter. Finally, MESIROW FINANCIAL INVESTMENT MANAGEMENT Equity & Fixed Income bought a new position in shares of NexTier Oilfield Solutions during the 4th quarter for a value of approximately $6,092,000. Institutional investors and hedge funds hold 80.49% of the company’s shares.
Company Profile NextTier Oilfield Solutions (Get a rating)
NexTier Oilfield Solutions Inc, through its subsidiaries, provides well completion and production services in a variety of 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 oil and natural gas production from low-permeability, flow-restricted hydrocarbon formations; wireline services; and drilling, pumping, line salvage, pressure pumping, well make-up and pressure testing services.
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