Core Laboratories (NYSE:CLB) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Core Laboratories (NYSE:CLB) from a sell rating to a hold rating in a research note issued to investors on Friday.

A number of other brokerages also recently issued reports on CLB. Piper Sandler decreased their price target on Core Laboratories from $18.00 to $17.00 and set a neutral rating for the company in a report on Monday, July 15th. Stifel Nicolaus lifted their price target on Core Laboratories from $18.00 to $22.00 and gave the stock a hold rating in a report on Friday. Finally, Bank of America decreased their price target on Core Laboratories from $16.00 to $15.00 and set an underperform rating for the company in a report on Monday, July 15th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $18.50.

Core Laboratories Trading Down 0.6 %

NYSE:CLB opened at $24.21 on Friday. The firm has a market cap of $1.14 billion, a PE ratio of 27.51, a price-to-earnings-growth ratio of 1.54 and a beta of 2.41. The stock has a fifty day moving average price of $19.88 and a 200 day moving average price of $17.44. Core Laboratories has a 12-month low of $13.82 and a 12-month high of $27.94. The company has a current ratio of 2.39, a quick ratio of 1.85 and a debt-to-equity ratio of 0.60.

Core Laboratories (NYSE:CLB) last announced its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The company had revenue of $130.58 million during the quarter, compared to the consensus estimate of $132.85 million. Core Laboratories had a return on equity of 15.20% and a net margin of 5.44%. Core Laboratories’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.23 EPS. Sell-side analysts anticipate that Core Laboratories will post 0.71 earnings per share for the current fiscal year.

Core Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 26th. Investors of record on Monday, August 5th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.17%. The ex-dividend date is Monday, August 5th. Core Laboratories’s dividend payout ratio (DPR) is presently 4.55%.

Hedge Funds Weigh In On Core Laboratories

Institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC acquired a new position in Core Laboratories in the 4th quarter valued at about $48,000. Quadrant Capital Group LLC increased its position in Core Laboratories by 84.0% during the 4th quarter. Quadrant Capital Group LLC now owns 3,370 shares of the oil and gas company’s stock worth $60,000 after purchasing an additional 1,538 shares during the period. CWM LLC increased its position in Core Laboratories by 1,178.6% during the 1st quarter. CWM LLC now owns 3,580 shares of the oil and gas company’s stock worth $61,000 after purchasing an additional 3,300 shares during the period. Lindbrook Capital LLC increased its position in Core Laboratories by 19.7% during the 1st quarter. Lindbrook Capital LLC now owns 3,713 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 612 shares during the period. Finally, Platinum Investment Management Ltd. increased its position in Core Laboratories by 43.8% during the 4th quarter. Platinum Investment Management Ltd. now owns 5,577 shares of the oil and gas company’s stock worth $98,000 after purchasing an additional 1,698 shares during the period. Institutional investors and hedge funds own 97.81% of the company’s stock.

About Core Laboratories

Core Laboratories Inc provides reservoir description and production enhancement services and products to the oil and gas industry in the United States, and internationally. It operates through Reservoir Description and Production Enhancement segments. The Reservoir Description segment includes the characterization of petroleum reservoir rock and reservoir fluid samples to enhance production and improve recovery of crude oil and gas from its clients' reservoirs.