Core Laboratories (NYSE:CLB) Issues Earnings Results, Beats Expectations By $0.02 EPS

Core Laboratories (NYSE:CLB) posted its quarterly earnings data on Wednesday. The oil and gas company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02, reports. The firm had revenue of $129.64 million during the quarter, compared to analysts’ expectations of $124.47 million. Core Laboratories had a return on equity of 15.71% and a net margin of 8.18%. Core Laboratories updated its Q2 guidance to $0.19-0.23 EPS and its Q2 2024 guidance to 0.190-0.230 EPS.

Core Laboratories Trading Down 0.8 %

Shares of NYSE CLB traded down $0.13 during midday trading on Friday, hitting $16.94. The stock had a trading volume of 522,902 shares, compared to its average volume of 375,300. The company has a market capitalization of $793.81 million, a price-to-earnings ratio of 19.25, a PEG ratio of 0.97 and a beta of 2.40. Core Laboratories has a 1-year low of $13.82 and a 1-year high of $27.94. The company has a quick ratio of 1.72, a current ratio of 2.68 and a debt-to-equity ratio of 0.68. The company has a fifty day moving average price of $16.34 and a 200 day moving average price of $17.62.

Core Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Monday, May 6th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.24%. The ex-dividend date is Friday, May 3rd. Core Laboratories’s dividend payout ratio is currently 4.55%.

Hedge Funds Weigh In On Core Laboratories

Several hedge funds and other institutional investors have recently modified their holdings of CLB. Allspring Global Investments Holdings LLC acquired a new position in shares of Core Laboratories in the 3rd quarter valued at about $31,000. GAMMA Investing LLC acquired a new position in Core Laboratories during the 4th quarter worth approximately $48,000. Quadrant Capital Group LLC lifted 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 acquiring an additional 1,538 shares in the last quarter. CWM LLC lifted 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 acquiring an additional 3,300 shares in the last quarter. Finally, Lindbrook Capital LLC lifted 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 acquiring an additional 612 shares in the last quarter. 97.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CLB. Bank of America dropped their price objective on Core Laboratories from $17.00 to $16.00 and set an “underperform” rating for the company in a research report on Monday, April 15th. Stifel Nicolaus raised their price target on Core Laboratories from $17.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday. Finally, StockNews.com raised Core Laboratories from a “sell” rating to a “hold” rating in a research note on Saturday, January 20th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $18.75.

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.