Zacks Investment Research upgraded shares of Carbo Ceramics Inc. (NYSE:CRR) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $11.00 price objective on the stock.
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. “
A number of other equities analysts have also recently weighed in on the stock. Goldman Sachs Group Inc. reaffirmed a sell rating and set a $8.00 price target on shares of Carbo Ceramics in a research note on Wednesday, June 15th. Scotiabank reaffirmed a sector perform rating and set a $15.00 price target (down from $18.00) on shares of Carbo Ceramics in a research note on Tuesday, June 7th. Finally, Howard Weil decreased their price objective on shares of Carbo Ceramics from $18.00 to $15.00 and set a sector perform rating on the stock in a research report on Tuesday, June 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The company has an average rating of Hold and a consensus price target of $16.53.
Carbo Ceramics (NYSE:CRR) traded up 1.2870% during trading on Tuesday, reaching $10.1287. 66,407 shares of the company’s stock traded hands. Carbo Ceramics has a one year low of $9.48 and a one year high of $25.62. The stock’s market cap is $238.00 million. The firm’s 50 day moving average price is $12.66 and its 200-day moving average price is $13.52.
Carbo Ceramics (NYSE:CRR) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.88) earnings per share for the quarter, topping the Zacks’ 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 analysts’ expectations of $24.70 million. During the same period in the prior year, the company posted ($0.41) EPS. The business’s revenue for the quarter was down 71.8% on a year-over-year basis. On average, equities analysts anticipate that Carbo Ceramics will post ($3.24) earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Key Group Holdings Cayman LTD. bought a new position in shares of Carbo Ceramics during the second quarter valued at $10,534,000. Emerald Acquisition Ltd. bought a new position in shares of Carbo Ceramics during the second quarter valued at $4,405,000. BlackRock Group LTD raised its position in shares of Carbo Ceramics by 176.2% in the first quarter. BlackRock Group LTD now owns 148,825 shares of the company’s stock valued at $2,113,000 after buying an additional 94,945 shares during the last quarter. GLG Partners LP bought a new position in shares of Carbo Ceramics during the second quarter valued at $852,000. Finally, BlackRock Inc. raised its position in shares of Carbo Ceramics by 343.9% in the first quarter. BlackRock Inc. now owns 66,347 shares of the company’s stock valued at $942,000 after buying an additional 51,399 shares during the last quarter. Institutional investors and hedge funds 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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