Citigroup Has Lowered Expectations for Core Laboratories (NYSE:CLB) Stock Price

Core Laboratories (NYSE:CLB) had its price objective cut by Citigroup from $15.00 to $14.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a sell rating on the oil and gas company’s stock.

Other research analysts also recently issued reports about the company. Stifel Nicolaus boosted their price objective on Core Laboratories from $18.00 to $22.00 and gave the company a “hold” rating in a research note on Friday, July 26th. Piper Sandler cut their price objective on Core Laboratories from $18.00 to $17.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Bank of America cut 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, StockNews.com upgraded Core Laboratories from a “sell” rating to a “hold” rating in a research note on Monday, October 28th. Two investment 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, Core Laboratories currently has an average rating of “Hold” and a consensus target price of $17.00.

Core Laboratories Price Performance

Shares of NYSE:CLB opened at $18.90 on Thursday. Core Laboratories has a fifty-two week low of $13.82 and a fifty-two week high of $25.13. The business has a 50-day simple moving average of $18.60 and a two-hundred day simple moving average of $19.02. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.79 and a current ratio of 2.48. The firm has a market cap of $887.36 million, a price-to-earnings ratio of 29.08, a price-to-earnings-growth ratio of 1.34 and a beta of 2.36.

Core Laboratories (NYSE:CLB) last released its quarterly earnings results on Wednesday, October 23rd. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.04. The business had revenue of $134.40 million during the quarter, compared to the consensus estimate of $134.16 million. Core Laboratories had a return on equity of 15.84% and a net margin of 5.83%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.22 EPS. On average, analysts expect that Core Laboratories will post 0.77 earnings per share for the current year.

Core Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 4th will be paid a $0.01 dividend. The ex-dividend date is Monday, November 4th. This represents a $0.04 annualized dividend and a yield of 0.21%. Core Laboratories’s payout ratio is 6.15%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC bought a new position in Core Laboratories in the 2nd quarter worth approximately $36,000. nVerses Capital LLC bought a new position in Core Laboratories in the 3rd quarter worth approximately $48,000. GAMMA Investing LLC boosted its stake in Core Laboratories by 23.9% in the 2nd quarter. GAMMA Investing LLC now owns 4,425 shares of the oil and gas company’s stock worth $90,000 after purchasing an additional 855 shares during the period. Platinum Investment Management Ltd. boosted its stake in Core Laboratories by 13.9% in the 1st quarter. Platinum Investment Management Ltd. now owns 6,351 shares of the oil and gas company’s stock worth $108,000 after purchasing an additional 774 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Core Laboratories by 11.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,636 shares of the oil and gas company’s stock worth $114,000 after purchasing an additional 600 shares during the period. 97.81% of the stock is currently owned by institutional investors.

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.