Core Laboratories NV (CLB) Stock Rating Upgraded by Zacks Investment Research
Core Laboratories NV (NYSE:CLB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Core Laboratories boasts of a unique business model, disciplined financial management and technological expertise. We also like CLB's leadership position in the reservoir optimization niche, along with its global footprint and deep portfolio of proprietary products and services. Furthermore, CLB’s low asset intensive operations and limited capex needs allow it to generate substantial free cash flows. Providing core sample and fluid analysis to oil and natural gas producers in managing their reserves, Core Labs have been able to operate profitably even in this low commodity price environment. However, we see limited upside potential for shares due to the specialized service provider’s sensitivity to gas/oil price volatility, as well as E&P spending patterns, costs, geo-political risks, competition and the advent of new technologies. This accounts for our cautious stance.”
A number of other brokerages have also commented on CLB. JPMorgan Chase & Co. assumed coverage on shares of Core Laboratories NV in a research note on Friday, June 10th. They issued an “overweight” rating and a $120.00 price target on the stock. KLR Group reiterated a “buy” rating and issued a $180.00 price target (up previously from $166.00) on shares of Core Laboratories NV in a research note on Monday, June 13th. Citigroup Inc. decreased their price target on shares of Core Laboratories NV from $123.00 to $118.00 and set a “neutral” rating on the stock in a research note on Monday, July 25th. DA Davidson started coverage on shares of Core Laboratories NV in a research report on Wednesday. They set a “buy” rating and a $136.00 target price on the stock. Finally, Credit Suisse Group AG started coverage on shares of Core Laboratories NV in a research report on Thursday, September 1st. They set a “neutral” rating and a $115.00 target price on the stock. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $121.33.
Shares of Core Laboratories NV (NYSE:CLB) traded up 0.88% during trading on Thursday, reaching $112.86. The company had a trading volume of 281,819 shares. The firm has a 50-day moving average of $111.48 and a 200-day moving average of $117.54. The company has a market cap of $4.98 billion, a P/E ratio of 59.87 and a beta of 1.45. Core Laboratories NV has a 12-month low of $84.50 and a 12-month high of $135.49.
Core Laboratories NV (NYSE:CLB) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $0.35 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.35. Core Laboratories NV had a net margin of 11.81% and a return on equity of 344.55%. The business had revenue of $148.10 million for the quarter, compared to analyst estimates of $146.37 million. During the same quarter in the prior year, the business earned $0.81 EPS. Core Laboratories NV’s quarterly revenue was down 27.4% on a year-over-year basis. On average, equities research analysts anticipate that Core Laboratories NV will post $1.55 EPS for the current year.
A number of institutional investors have recently made changes to their positions in CLB. Franklin Street Advisors Inc. NC acquired a new position in shares of Core Laboratories NV during the third quarter valued at about $4,875,000. Telemus Capital LLC boosted its position in shares of Core Laboratories NV by 50.3% in the third quarter. Telemus Capital LLC now owns 22,517 shares of the company’s stock valued at $2,529,000 after buying an additional 7,538 shares during the period. Chevy Chase Trust Holdings Inc. acquired a new position in shares of Core Laboratories NV during the third quarter valued at about $202,000. Fulton Bank N.A. boosted its position in shares of Core Laboratories NV by 15.2% in the third quarter. Fulton Bank N.A. now owns 2,758 shares of the company’s stock valued at $310,000 after buying an additional 363 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Core Laboratories NV by 9.2% in the third quarter. BNP Paribas Arbitrage SA now owns 5,810 shares of the company’s stock valued at $653,000 after buying an additional 490 shares during the period.
Core Laboratories NV Company Profile
Core Laboratories N.V. is a provider of reservoir description, production enhancement and reservoir management services to the oil and gas industry. The Company’s services and products are directed toward enabling the Company’s clients to improve reservoir performance and increase oil and gas recovery from their producing fields.
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