Here’s Why Newpark Resources (NR) Rose in Q3

Liberty Park Capital Management, LLC, a financial management company, released its third quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund returned -2.29% net of fees, in the third quarter compared to a 5.10% decline in the Russell 2000 Index.  On a weight-adjusted basis, the 6.70% decline in the fund’s long holdings deducted 6.22%, while the 7.27% decline in its short positions added 3.67% to its returns. Liberty ParkSelect Opportunities decreased by 11.57%, net of fees, in the third quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Liberty Park Capital Management highlighted stocks like Newpark Resources, Inc. (NYSE:NR) in the third quarter 2023 investor letter. Headquartered in The Woodlands, Texas, Newpark Resources, Inc. (NYSE:NR) offers products, rentals, and services to the oil and gas exploration and production industry. On December 15, 2023, Newpark Resources, Inc. (NYSE:NR) stock closed at $7.04 per share. One-month return of Newpark Resources, Inc. (NYSE:NR) was -1.12%, and its shares gained 84.78% of their value over the last 52 weeks. Newpark Resources, Inc. (NYSE:NR) has a market capitalization of $599.021 million.

Liberty Park Capital Management made the following comment about Newpark Resources, Inc. (NYSE:NR) in its Q3 2023 investor letter:

“Newpark Resources, Inc. (NYSE:NR) announced strategic alternatives for its Fluids business at the end of the second quarter. The company’s second-quarter earnings increased nearly 50% year-over-year driven by margin expansion in the company’s Industrial Solutions segment.”

A drilling rig lit up by the setting sun, against a backdrop of outdoor exploration in Colorado and Wyoming.

Newpark Resources, Inc. (NYSE:NR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Newpark Resources, Inc. (NYSE:NR) at the end of third quarter which was 15 in the previous quarter.

We discussed Newpark Resources, Inc. (NYSE:NR) in another article and shared the list of best performing energy stocks in 2023. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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 Disclosure: None. This article is originally published at Insider Monkey.