According to Zacks, “CARBO Ceramics Inc. is the world’s largest producer and supplier of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells. Demand for ceramic proppants depends primarily upon the demand for natural gas and oil and on the number of natural gas and oil wells drilled, completed or recompleted worldwide. More specifically, the demand for ceramic proppants is dependent on the number of oil and gas wells that are hydraulically fractured to stimulate production. “
CRR has been the topic of several other reports. Goldman Sachs Group Inc. reissued a sell rating and set a $8.00 target price on shares of Carbo Ceramics in a research note on Wednesday, June 15th. Scotiabank reissued a sector perform rating and set a $15.00 target price (down from $18.00) on shares of Carbo Ceramics in a research note on Tuesday, June 7th. Finally, Howard Weil lowered their target price on shares of Carbo Ceramics from $18.00 to $15.00 and set a sector perform rating on the stock in a research note on Tuesday, June 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $16.53.
Carbo Ceramics (NYSE:CRR) opened at 11.53 on Monday. The stock has a 50 day moving average price of $12.08 and a 200 day moving average price of $13.23. The company’s market cap is $270.93 million. Carbo Ceramics has a 12 month low of $9.48 and a 12 month high of $25.41.
Carbo Ceramics (NYSE:CRR) last posted its earnings results on Thursday, July 28th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.89) by $0.01. Carbo Ceramics had a negative net margin of 58.46% and a negative return on equity of 7.16%. The business had revenue of $20.70 million for the quarter, compared to analyst estimates of $24.70 million. During the same period in the prior year, the company posted ($0.41) EPS. The company’s revenue for the quarter was down 71.8% on a year-over-year basis. Analysts anticipate that Carbo Ceramics will post ($3.24) earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. Southernsun Asset Management LLC increased its stake in Carbo Ceramics by 0.5% in the first quarter. Southernsun Asset Management LLC now owns 1,738,593 shares of the company’s stock worth $24,688,000 after buying an additional 8,505 shares during the last quarter. BlackRock Fund Advisors increased its stake in Carbo Ceramics by 0.8% in the first quarter. BlackRock Fund Advisors now owns 1,326,655 shares of the company’s stock worth $18,839,000 after buying an additional 9,947 shares during the last quarter. Oslo Asset Management ASA increased its stake in Carbo Ceramics by 2.0% in the second quarter. Oslo Asset Management ASA now owns 1,120,102 shares of the company’s stock worth $14,673,000 after buying an additional 22,000 shares during the last quarter. Key Group Holdings Cayman LTD. acquired a new stake in Carbo Ceramics during the second quarter worth approximately $10,534,000. Finally, BlackRock Advisors LLC increased its stake in Carbo Ceramics by 0.5% in the second quarter. BlackRock Advisors LLC now owns 683,582 shares of the company’s stock worth $8,955,000 after buying an additional 3,677 shares during the last quarter. Institutional investors own 92.38% of the company’s stock.
About Carbo Ceramics
Carbo Ceramics Inc is an oilfield services technology company. The Company supplies ceramic proppant. The Company also sells sand and resin-coated proppants. Additionally, it provides fracture simulation software, fracture design and consulting services, and a range of technologies for spill prevention, containment and related countermeasures.
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