Zacks Investment Research upgraded shares of Core Laboratories (NYSE:CLB) from a sell rating to a hold rating in a research note released on Tuesday morning.
According to Zacks, “Core Laboratories' low asset intensive operations and limited capex needs have allowed it to generate substantial free cash flows and generate superior returns on investment. We also like CLB's leadership position in enhancing reservoir production, along with its global footprint and deep portfolio of proprietary products and services.However, the company has been facing shortage of labor and equipment, limiting its ability to take full advantage of the rebounding energy landscape. Further, Core Labs is reeling under high debt burden which provides it with little financial flexibility. Also, the company has issued a soft guidance for the coming quarter. All these factors form the basis of our cautious stance on the stock.”
Other equities analysts also recently issued reports about the company. TheStreet raised Core Laboratories from a c rating to a b- rating in a research report on Thursday, February 1st. ABN Amro downgraded Core Laboratories from a buy rating to a hold rating in a research report on Tuesday, January 9th. Royal Bank of Canada set a $125.00 price objective on Core Laboratories and gave the stock a buy rating in a research report on Tuesday, January 30th. Deutsche Bank downgraded Core Laboratories from a buy rating to a hold rating and lowered their price objective for the stock from $116.30 to $109.00 in a research report on Thursday, January 11th. Finally, ValuEngine downgraded Core Laboratories from a hold rating to a sell rating in a research report on Thursday, March 1st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. The company has an average rating of Hold and an average price target of $111.70.
Core Laboratories (CLB) opened at $109.06 on Tuesday. Core Laboratories has a 52-week low of $86.55 and a 52-week high of $121.39. The company has a market capitalization of $4,788.29, a PE ratio of 54.21 and a beta of 1.47. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.66 and a current ratio of 1.98.
Core Laboratories (NYSE:CLB) last announced its quarterly earnings data on Wednesday, January 31st. The oil and gas company reported $0.58 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.58. Core Laboratories had a return on equity of 58.25% and a net margin of 12.60%. The business had revenue of $172.00 million during the quarter, compared to the consensus estimate of $171.92 million. During the same period in the previous year, the company posted $0.41 earnings per share. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. research analysts predict that Core Laboratories will post 2.66 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Friday, January 26th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend was Thursday, January 25th. Core Laboratories’s dividend payout ratio (DPR) is 117.02%.
A number of institutional investors and hedge funds have recently made changes to their positions in CLB. DF Dent & Co. Inc. acquired a new position in Core Laboratories in the fourth quarter valued at approximately $77,449,000. Bank of New York Mellon Corp boosted its holdings in Core Laboratories by 141.7% in the third quarter. Bank of New York Mellon Corp now owns 567,306 shares of the oil and gas company’s stock valued at $55,992,000 after purchasing an additional 332,620 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Core Laboratories by 19.0% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,025,357 shares of the oil and gas company’s stock valued at $199,904,000 after purchasing an additional 323,357 shares in the last quarter. TimesSquare Capital Management LLC acquired a new position in Core Laboratories in the fourth quarter valued at approximately $32,005,000. Finally, Ameriprise Financial Inc. boosted its holdings in Core Laboratories by 1,087.6% in the third quarter. Ameriprise Financial Inc. now owns 315,556 shares of the oil and gas company’s stock valued at $31,143,000 after purchasing an additional 288,985 shares in the last quarter.
Core Laboratories Company Profile
Core Laboratories N.V. provides reservoir description, production enhancement and reservoir management services to the oil and gas industry. The Company operates through three segments: Reservoir Description, Production Enhancement and Reservoir Management. The Reservoir Description segment encompasses the characterization of petroleum reservoir rock, fluid and gas samples.
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