Shares of Core Laboratories (NYSE:CLB) have been assigned an average rating of “Hold” from the fourteen research firms that are currently covering the stock, MarketBeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $65.90.
Several analysts recently weighed in on CLB shares. Citigroup dropped their price target on Core Laboratories from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Friday, October 18th. ValuEngine raised Core Laboratories from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. ABN Amro cut Core Laboratories from a “buy” rating to a “hold” rating in a report on Thursday, October 17th. Morgan Stanley dropped their price objective on Core Laboratories from $65.00 to $55.00 and set an “equal weight” rating for the company in a report on Monday, October 7th. Finally, Bank of America set a $48.00 price objective on Core Laboratories and gave the company a “buy” rating in a report on Friday, October 25th.
A number of hedge funds and other institutional investors have recently made changes to their positions in CLB. Van ECK Associates Corp raised its holdings in Core Laboratories by 129.5% in the 2nd quarter. Van ECK Associates Corp now owns 1,272,774 shares of the oil and gas company’s stock valued at $66,541,000 after acquiring an additional 718,280 shares in the last quarter. Manning & Napier Group LLC raised its holdings in Core Laboratories by 2,062.3% in the 2nd quarter. Manning & Napier Group LLC now owns 720,686 shares of the oil and gas company’s stock valued at $37,675,000 after acquiring an additional 687,356 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Core Laboratories by 11.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,718,824 shares of the oil and gas company’s stock valued at $219,991,000 after acquiring an additional 482,459 shares in the last quarter. Earnest Partners LLC increased its stake in shares of Core Laboratories by 19.5% in the 2nd quarter. Earnest Partners LLC now owns 2,308,539 shares of the oil and gas company’s stock valued at $120,690,000 after purchasing an additional 377,223 shares during the last quarter. Finally, Granite Investment Partners LLC bought a new position in shares of Core Laboratories in the 2nd quarter valued at $13,923,000.
Core Laboratories (NYSE:CLB) last released its quarterly earnings results on Wednesday, October 23rd. The oil and gas company reported $0.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The business had revenue of $173.20 million during the quarter, compared to analysts’ expectations of $171.38 million. Core Laboratories had a return on equity of 45.63% and a net margin of 14.68%. The firm’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same period last year, the firm posted $0.64 EPS. As a group, sell-side analysts forecast that Core Laboratories will post 1.75 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, October 18th were issued a $0.55 dividend. The ex-dividend date of this dividend was Thursday, October 17th. This represents a $2.20 annualized dividend and a yield of 4.81%. Core Laboratories’s dividend payout ratio is presently 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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