Core Laboratories NV (NYSE:CLB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Considering Core Laboratories' unique business model, disciplined financial management and technological expertise, we are taking a bullish stance on the company. We like CLB's leadership position in the reservoir optimization niche, along with its global footprint and deep portfolio of proprietary products and services. Furthermore, CLB’s low asset intensive operations and limited capex needs allow it to generate substantial free cash flows. Providing core sample and fluid analysis to oil and natural gas producers in managing their reserves, Core Labs have been able to operate profitably even in this low commodity price environment. However, we see limited upside potential for shares due to the specialized service provider’s sensitivity to gas/oil price volatility, as well as E&P spending patterns, costs, geo-political risks, competition and the advent of new technologies. This accounts for our cautious stance.”
Other research analysts have also recently issued reports about the stock. Citigroup Inc. decreased their price objective on shares of Core Laboratories NV from $123.00 to $118.00 and set a “neutral” rating on the stock in a research note on Monday, July 25th. KLR Group reissued a “buy” rating and issued a $180.00 price objective (up from $166.00) on shares of Core Laboratories NV in a research note on Monday, June 13th. JPMorgan Chase & Co. cut shares of Core Laboratories NV from a “neutral” rating to an “underweight” rating in a research note on Tuesday, July 12th. Finally, Credit Suisse Group AG began coverage on shares of Core Laboratories NV in a research note on Thursday, September 1st. They issued a “neutral” rating and a $115.00 price objective on the stock. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $120.12.
Shares of Core Laboratories NV (NYSE:CLB) traded up 0.32% on Monday, hitting $105.10. The stock had a trading volume of 325,559 shares. The firm has a market capitalization of $4.64 billion, a P/E ratio of 55.76 and a beta of 1.56. The company has a 50 day moving average of $113.25 and a 200-day moving average of $117.75. Core Laboratories NV has a 12-month low of $84.50 and a 12-month high of $135.49.
Core Laboratories NV (NYSE:CLB) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $0.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.35. The business had revenue of $148.10 million for the quarter, compared to analysts’ expectations of $146.37 million. Core Laboratories NV had a net margin of 11.81% and a return on equity of 344.55%. The firm’s quarterly revenue was down 27.4% compared to the same quarter last year. During the same period last year, the firm posted $0.81 earnings per share. Equities analysts predict that Core Laboratories NV will post $1.56 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of the company. Balentine LLC raised its position in shares of Core Laboratories NV by 44.3% in the second quarter. Balentine LLC now owns 893 shares of the company’s stock worth $111,000 after buying an additional 274 shares during the period. MU Investments Co. Ltd. acquired a new position in shares of Core Laboratories NV during the second quarter worth approximately $115,000. Pinkerton Retirement Specialists LLC acquired a new position in shares of Core Laboratories NV during the second quarter worth approximately $127,000. Fifth Third Bancorp raised its position in shares of Core Laboratories NV by 15.3% in the second quarter. Fifth Third Bancorp now owns 1,166 shares of the company’s stock worth $144,000 after buying an additional 155 shares during the period. Finally, AXA raised its position in shares of Core Laboratories NV by 94.2% in the second quarter. AXA now owns 1,400 shares of the company’s stock worth $173,000 after buying an additional 679 shares during the period.
Core Laboratories NV Company Profile
Core Laboratories N.V. is a provider of reservoir description, production enhancement and reservoir management services to the oil and gas industry. The Company’s services and products are directed toward enabling the Company’s clients to improve reservoir performance and increase oil and gas recovery from their producing fields.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Core Laboratories NV Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Core Laboratories NV and related companies with MarketBeat.com's FREE daily email newsletter.