Research analysts at Goldman Sachs assumed coverage on shares of Carbo Ceramics (NYSE: CRR) in a report released on Wednesday, TheFlyOnTheWall.com reports. The firm set a “neutral” rating on the stock.
The analysts wrote, “We initiate coverage of CARBO (CRR) with a Neutral rating; CRR primarily manufactures ceramic proppant used to keep fractures open in oil/gas wells. While CRR benefits from an inflecting NAM land cycle, E&Ps focus on cost controls and normalizing oil/gas prices drive a preference near-term for cheaper sand over ceramics. We could turn more positive on CRR if oil/gas prices rise more than expected, as higher E&P cash flows might persuade them to use more ceramics. A gas recovery could be especially beneficial, as it could re-open certain deeper plays that have historically relied on ceramics. Our $110 12-month target implies 25% upside (group: 21%).”
Shares of Carbo Ceramics (NYSE: CRR) traded down 1.39% during mid-day trading on Wednesday, hitting $87.18. Carbo Ceramics has a one year low of $60.33 and a one year high of $104.49. The stock’s 50-day moving average is currently $90.59. The company has a market cap of $2.017 billion and a P/E ratio of 19.27.
Carbo Ceramics (NYSE: CRR) last posted its quarterly earnings results on Thursday, January 31st. The company reported $0.89 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.89. The company had revenue of $153.60 million for the quarter, compared to the consensus estimate of $146.76 million. During the same quarter in the previous year, the company posted $1.43 earnings per share. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. On average, analysts predict that Carbo Ceramics will post $4.26 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Howard Weil raised their price target on shares of Carbo Ceramics from $95.00 to $109.00 in a research note to investors on Monday, March 25th. They now have a “sector perform” rating on the stock. Separately, analysts at BMO Capital Markets raised their price target on shares of Carbo Ceramics from $90.00 to $110.00 in a research note to investors on Thursday, March 7th. They now have an “outperform” rating on the stock. Finally, analysts at Capital One upgraded shares of Carbo Ceramics from a “neutral” rating to an “add” rating in a research note to investors on Friday, March 1st. They now have a $109.00 price target on the stock, up previously from $85.00.
Nine analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $95.14.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Monday, April 29th.
CARBO Ceramics Inc., is a supplier of ceramic proppant. The Company is a provider of software, and consulting services, spill prevention, containment and geotechnical monitoring.