CARBO Ceramics Receives New Coverage from Analysts at DA Davidson (CRR)
Equities researchers at DA Davidson began coverage on shares of CARBO Ceramics (NYSE:CRR) in a research report issued on Monday, TheFlyOnTheWall.com reports. The firm set a “neutral” rating and a $102.00 price target on the stock. DA Davidson’s target price would indicate a potential upside of 2.92% from the stock’s previous close.
The analysts wrote, “Proppants play an important role in the extraction of oil & natural gas from wells. Hydraulic fracturing, where fluid is pumped down at high pressure to create fractures in the rock formation, has emerged as one of the leading drilling processes. Proppant is the fine granular material that is transported down with the fluid to keep the crack open after the high-pressure pumping has stopped. These proppants keep the crack open and create a perforated channel that facilitates the flow of oil and natural gas throughout the recovery process. Sand, resin-coated, and ceramic are the three primary proppants used in the industry, but ceramic proppants have proven to be the most efficient, resulting in higher return on investment.”
A number of other firms have also recently commented on CRR. Analysts at Guggenheim raised their price target on shares of CARBO Ceramics (NYSE:CRR) from $98.00 to $115.00 in a research note to investors on Tuesday, September 24th. They now have a “buy” rating on the stock. Separately, analysts at Howard Weil raised their price target on shares of CARBO Ceramics (NYSE:CRR) from $80.00 to $88.00 in a research note to investors on Wednesday, August 28th. They now have a “sector perform” rating on the stock. Finally, analysts at TheStreet upgraded shares of CARBO Ceramics (NYSE:CRR) to a “buy” rating in a research note to investors on Monday, August 19th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. CARBO Ceramics presently has an average rating of “Hold” and a consensus target price of $91.78.
Shares of CARBO Ceramics (NYSE:CRR) opened at 99.11 on Monday. CARBO Ceramics has a 1-year low of $60.33 and a 1-year high of $106.51. The stock’s 50-day moving average is $90.29 and its 200-day moving average is $80.59. The company has a market cap of $2.288 billion and a P/E ratio of 29.51.
CARBO Ceramics (NYSE:CRR) last released its earnings data on Thursday, July 25th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.04. The company had revenue of $153.74 million for the quarter, compared to the consensus estimate of $145.49 million. During the same quarter in the previous year, the company posted $1.38 earnings per share. The company’s revenue for the quarter was down 13.5% on a year-over-year basis. Analysts expect that CARBO Ceramics will post $3.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, November 15th. Stockholders of record on Friday, November 1st will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Wednesday, October 30th.
CARBO Ceramics Inc is the supplier of ceramic proppant and the resin-coated sand. The Company is the provider of the fracture simulation software, and a provider of fracture design and consulting services, and a range of technologies for spill prevention, containment and countermeasures.
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