Core Laboratories (NYSE:CLB) Upgraded at StockNews.com

StockNews.com upgraded shares of Core Laboratories (NYSE:CLB) from a sell rating to a hold rating in a research note issued to investors on Thursday.

Several other brokerages also recently issued reports on CLB. Citigroup cut their target price on shares of Core Laboratories from $15.00 to $14.00 and set a “sell” rating for the company in a research note on Thursday, October 31st. 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 report on Monday, July 15th. Stifel Nicolaus boosted their target price on Core Laboratories from $18.00 to $22.00 and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, Bank of America cut their price target on Core Laboratories from $16.00 to $15.00 and set an “underperform” rating for the company in a report on Monday, July 15th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $17.00.

Core Laboratories Stock Down 0.5 %

CLB stock opened at $20.76 on Thursday. The company has a market cap of $974.68 million, a price-to-earnings ratio of 31.94, a P/E/G ratio of 1.51 and a beta of 2.35. Core Laboratories has a twelve month low of $13.82 and a twelve month high of $25.13. The business has a 50 day moving average price of $18.73 and a two-hundred day moving average price of $19.16. The company has a quick ratio of 1.79, a current ratio of 2.48 and a debt-to-equity ratio of 0.55.

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

Core Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 4th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend is Monday, November 4th. Core Laboratories’s payout ratio is 6.15%.

Institutional Trading of Core Laboratories

Several hedge funds have recently added to or reduced their stakes in CLB. Connable Office Inc. grew its holdings in Core Laboratories by 18.1% in the 3rd quarter. Connable Office Inc. now owns 16,793 shares of the oil and gas company’s stock valued at $311,000 after buying an additional 2,569 shares in the last quarter. Royce & Associates LP boosted its position in shares of Core Laboratories by 9.0% in the third quarter. Royce & Associates LP now owns 1,021,121 shares of the oil and gas company’s stock valued at $18,921,000 after acquiring an additional 84,022 shares during the period. Oppenheimer Asset Management Inc. grew its stake in shares of Core Laboratories by 18.9% in the third quarter. Oppenheimer Asset Management Inc. now owns 64,582 shares of the oil and gas company’s stock valued at $1,197,000 after acquiring an additional 10,272 shares in the last quarter. GSA Capital Partners LLP bought a new position in Core Laboratories during the third quarter worth about $434,000. Finally, nVerses Capital LLC acquired a new stake in Core Laboratories in the 3rd quarter worth about $48,000. 97.81% of the stock is owned by institutional investors and hedge funds.

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.