Core Laboratories (NYSE:CLB) Downgraded by StockNews.com

StockNews.com downgraded shares of Core Laboratories (NYSE:CLB) from a hold rating to a sell rating in a research note released on Tuesday morning.

Other equities analysts also recently issued reports about the stock. Piper Sandler decreased their price objective on shares of Core Laboratories from $18.00 to $17.00 and set a neutral rating on the stock in a report on Monday, July 15th. Bank of America dropped their price objective on Core Laboratories from $16.00 to $15.00 and set an underperform rating for the company in a research note on Monday, July 15th. Finally, Stifel Nicolaus lifted their target price on Core Laboratories from $18.00 to $22.00 and gave the company a hold rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. According to data from MarketBeat.com, Core Laboratories has an average rating of Hold and a consensus target price of $18.00.

Core Laboratories Price Performance

NYSE CLB opened at $18.57 on Tuesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.68 and a current ratio of 2.39. The company has a market cap of $870.93 million, a PE ratio of 21.10, a P/E/G ratio of 0.94 and a beta of 2.37. The firm’s 50 day moving average price is $20.26 and its 200-day moving average price is $18.56. Core Laboratories has a 52-week low of $13.82 and a 52-week high of $25.20.

Core Laboratories (NYSE:CLB) last released its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. Core Laboratories had a return on equity of 15.20% and a net margin of 5.44%. The company had revenue of $130.58 million during the quarter, compared to analysts’ expectations of $132.85 million. During the same period last year, the business posted $0.23 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. Sell-side analysts forecast that Core Laboratories will post 0.8 EPS for the current fiscal year.

Core Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Monday, August 5th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date of this dividend was Monday, August 5th. Core Laboratories’s dividend payout ratio (DPR) is 4.55%.

Institutional Trading of Core Laboratories

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its position in Core Laboratories by 11.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,636 shares of the oil and gas company’s stock valued at $114,000 after acquiring an additional 600 shares during the last quarter. Creative Planning grew its stake in Core Laboratories by 38.3% during the 2nd quarter. Creative Planning now owns 54,891 shares of the oil and gas company’s stock worth $1,114,000 after buying an additional 15,196 shares during the last quarter. Disciplined Growth Investors Inc. MN increased its position in Core Laboratories by 446.8% during the second quarter. Disciplined Growth Investors Inc. MN now owns 4,460,720 shares of the oil and gas company’s stock worth $90,508,000 after buying an additional 3,644,963 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Core Laboratories by 3.3% in the second quarter. The Manufacturers Life Insurance Company now owns 18,054 shares of the oil and gas company’s stock valued at $366,000 after buying an additional 579 shares during the last quarter. Finally, Earnest Partners LLC boosted its holdings in shares of Core Laboratories by 6.3% in the second quarter. Earnest Partners LLC now owns 3,286,438 shares of the oil and gas company’s stock valued at $66,682,000 after acquiring an additional 195,756 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.