Oppenheimer Has Perform On NewMarket Corp. After Earnings (NEU)

Oppenheimer & Co. has a Perform rating on shares of NewMarket Corp.

after it reported earnings. In a note to clients, Oppenheimer writes, "EPS of $3.53 well exceeded our/Street of $2.80/$2.90. The beat was attributable to stronger-than-expected volume, better price/mix, and greater-than-expected share repurchases. Margins were lower-than-expected due to an inflationary environment. We raise our 2011E EPS to $13.50 from $12.80 to account for 1Q11's strength, and raise our 2012E EPS to $14.17 from $12.98. Maintain Perform." Shares of NEU gained $4.90 yesterday to close at $155.34, a gain of 3.2%.