Core Laboratories NV (NYSE:CLB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “Core Laboratories boasts of a unique business model, disciplined financial management and technological expertise. We also 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.”
A number of other equities research analysts also recently issued reports on CLB. JPMorgan Chase & Co. initiated coverage on shares of Core Laboratories NV in a research note on Friday, June 10th. They set an “overweight” rating and a $120.00 price target on the stock. KLR Group reaffirmed a “buy” rating and set a $180.00 price target (up previously from $166.00) on shares of Core Laboratories NV in a research note on Monday, June 13th. Citigroup Inc. decreased their price target 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. Credit Suisse Group AG initiated coverage on shares of Core Laboratories NV in a research note on Thursday, September 1st. They set a “neutral” rating and a $115.00 price target on the stock. Finally, Loop Capital initiated coverage on shares of Core Laboratories NV in a research note on Friday, September 30th. They set a “hold” rating and a $120.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $121.33.
Shares of Core Laboratories NV (NYSE:CLB) opened at 113.34 on Thursday. The company has a market cap of $5.00 billion, a price-to-earnings ratio of 60.13 and a beta of 1.45. Core Laboratories NV has a 52 week low of $84.50 and a 52 week high of $135.49. The stock’s 50 day moving average is $111.18 and its 200-day moving average is $117.50.
Core Laboratories NV (NYSE:CLB) last released its quarterly earnings results on Wednesday, July 20th. The company reported $0.35 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.35. The company had revenue of $148.10 million for the quarter, compared to the consensus estimate of $146.37 million. Core Laboratories NV had a net margin of 11.81% and a return on equity of 344.55%. Core Laboratories NV’s revenue was down 27.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.81 earnings per share. On average, equities analysts anticipate that Core Laboratories NV will post $1.54 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in CLB. Ranger Investment Management L.P. boosted its stake in Core Laboratories NV by 0.8% in the second quarter. Ranger Investment Management L.P. now owns 2,565 shares of the company’s stock worth $318,000 after buying an additional 20 shares in the last quarter. Montag & Caldwell LLC boosted its stake in Core Laboratories NV by 0.7% in the second quarter. Montag & Caldwell LLC now owns 4,450 shares of the company’s stock worth $551,000 after buying an additional 30 shares in the last quarter. BlackRock Investment Management LLC boosted its stake in Core Laboratories NV by 1.4% in the second quarter. BlackRock Investment Management LLC now owns 4,915 shares of the company’s stock worth $609,000 after buying an additional 68 shares in the last quarter. Parsons Capital Management Inc. RI boosted its stake in Core Laboratories NV by 3.6% in the second quarter. Parsons Capital Management Inc. RI now owns 2,150 shares of the company’s stock worth $266,000 after buying an additional 75 shares in the last quarter. Finally, Laurel Wealth Advisors Inc. boosted its stake in Core Laboratories NV by 3.6% in the second quarter. Laurel Wealth Advisors Inc. now owns 2,132 shares of the company’s stock worth $264,000 after buying an additional 75 shares in the last quarter.
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.
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