Core Laboratories Inc. (NYSE:CLB) Given Average Rating of “Reduce” by Brokerages

Shares of Core Laboratories Inc. (NYSE:CLB) have received a consensus recommendation of “Reduce” from the four ratings firms that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell recommendation and two have issued a hold recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $18.50.

CLB has been the topic of a number of research analyst reports. StockNews.com raised shares of Core Laboratories from a “sell” rating to a “hold” rating in a report on Friday. Bank of America reduced their target price on Core Laboratories from $16.00 to $15.00 and set an “underperform” rating on the stock in a research note 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 research note on Friday. Finally, 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 report on Monday, July 15th.

Institutional Investors Weigh In On Core Laboratories

A number of hedge funds and other institutional investors have recently modified their holdings of CLB. Louisiana State Employees Retirement System grew its position in Core Laboratories by 2.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the oil and gas company’s stock worth $479,000 after acquiring an additional 500 shares during the last quarter. Lindbrook Capital LLC lifted its position in Core Laboratories by 19.7% in the first quarter. Lindbrook Capital LLC now owns 3,713 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 612 shares during the last quarter. Platinum Investment Management Ltd. boosted its stake in shares of Core Laboratories by 13.9% during the first quarter. Platinum Investment Management Ltd. now owns 6,351 shares of the oil and gas company’s stock valued at $108,000 after purchasing an additional 774 shares during the period. GAMMA Investing LLC grew its holdings in shares of Core Laboratories by 23.9% in the second 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 last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of Core Laboratories by 2.2% in the first quarter. Oppenheimer Asset Management Inc. now owns 53,552 shares of the oil and gas company’s stock worth $915,000 after buying an additional 1,129 shares during the period. Institutional investors own 97.81% of the company’s stock.

Core Laboratories Price Performance

Shares of NYSE CLB opened at $24.21 on Monday. The stock’s 50-day simple moving average is $19.88 and its two-hundred day simple moving average is $17.44. Core Laboratories has a twelve month low of $13.82 and a twelve month high of $27.94. The firm has a market capitalization of $1.14 billion, a P/E ratio of 27.51, a P/E/G ratio of 1.39 and a beta of 2.41. The company has a quick ratio of 1.85, a current ratio of 2.68 and a debt-to-equity ratio of 0.68.

Core Laboratories (NYSE:CLB) last issued its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.21 by $0.01. The company had revenue of $130.58 million during the quarter, compared to analyst estimates of $132.85 million. Core Laboratories had a return on equity of 15.42% and a net margin of 5.44%. Core Laboratories’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.23 earnings per share. As a group, equities analysts anticipate that Core Laboratories will post 0.71 EPS for the current fiscal year.

Core Laboratories Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 0.17%. The ex-dividend date is Monday, August 5th. Core Laboratories’s payout ratio is presently 4.55%.

Core Laboratories Company Profile

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.