Eagle Asset Management Inc. raised its holdings in Core Laboratories (NYSE:CLB) by 5.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,309 shares of the oil and gas company’s stock after buying an additional 4,019 shares during the period. Eagle Asset Management Inc.’s holdings in Core Laboratories were worth $3,650,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in CLB. Marshall Wace LLP bought a new position in shares of Core Laboratories in the first quarter valued at $30,000. NEXT Financial Group Inc bought a new position in shares of Core Laboratories in the second quarter valued at $31,000. Stonebridge Capital Advisors LLC purchased a new stake in shares of Core Laboratories in the second quarter valued at about $31,000. Griffin Asset Management Inc. purchased a new stake in shares of Core Laboratories in the second quarter valued at about $31,000. Finally, HM Payson & Co. purchased a new stake in shares of Core Laboratories in the second quarter valued at about $49,000.
Several brokerages have recently commented on CLB. ABN Amro downgraded shares of Core Laboratories from a “buy” rating to a “hold” rating in a report on Thursday, October 17th. Bank of America set a $48.00 target price on shares of Core Laboratories and gave the company a “buy” rating in a report on Friday, October 25th. Morgan Stanley lowered their target price on shares of Core Laboratories from $65.00 to $55.00 and set an “equal weight” rating for the company in a report on Monday, October 7th. ValuEngine upgraded shares of Core Laboratories from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Citigroup lowered their target price on shares of Core Laboratories from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Friday, October 18th. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Core Laboratories presently has a consensus rating of “Hold” and an average target price of $71.33.
Core Laboratories (NYSE:CLB) last posted its earnings results on Wednesday, October 23rd. The oil and gas company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.01. The firm had revenue of $173.20 million during the quarter, compared to the consensus estimate of $171.38 million. Core Laboratories had a net margin of 14.68% and a return on equity of 45.63%. The company’s revenue was down 4.9% on a year-over-year basis. During the same quarter last year, the company earned $0.64 earnings per share. As a group, sell-side analysts anticipate that Core Laboratories will post 1.74 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, October 18th will be given a $0.55 dividend. The ex-dividend date is Thursday, October 17th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.75%. Core Laboratories’s dividend payout ratio (DPR) is currently 96.49%.
About Core Laboratories
Core Laboratories N.V. provides reservoir description and production enhancement services and products to the oil and gas industry in the United States, Canada, and internationally. The company operates in two segments, Reservoir Description and Production Enhancement segments. The Reservoir Description segment includes the characterization of petroleum reservoir rock, fluid, and gas samples to enhance production and improve recovery of oil and gas from its clients' reservoirs.
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