Core Laboratories NV (CLB) Raised to “Buy” at Zacks Investment Research
Core Laboratories NV (NYSE:CLB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $120.00 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 12.30% from the company’s previous close.
According to Zacks, “Considering Core Laboratories' unique business model, disciplined financial management and technological expertise, we are taking a bullish stance on the company. We like Core Labs’ leadership position in the reservoir optimization niche, along with its global footprint and deep portfolio of proprietary products and services. Furthermore, the company’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. In fact, the existing 'lower-for-longer' oil price scenario, have made CLB's services even more important for energy companies that look to utilize every dollar that they spend. Consequently, we think CLB offers substantial upside potential from the current price levels.”
Other research analysts also recently issued reports about the stock. 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 report on Monday, July 25th. KLR Group reiterated a “buy” rating and issued a $180.00 price target (up from $166.00) on shares of Core Laboratories NV in a research report on Monday, June 13th. JPMorgan Chase & Co. downgraded shares of Core Laboratories NV from a “neutral” rating to an “underweight” rating in a research report on Tuesday, July 12th. Finally, Credit Suisse Group AG began coverage on shares of Core Laboratories NV in a research report on Thursday, September 1st. They issued a “neutral” rating and a $115.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $120.12.
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Shares of Core Laboratories NV (NYSE:CLB) traded up 0.07% on Wednesday, reaching $106.86. 745,330 shares of the company traded hands. Core Laboratories NV has a 1-year low of $84.50 and a 1-year high of $135.49. The stock has a 50-day moving average price of $113.87 and a 200 day moving average price of $118.00. The firm has a market capitalization of $4.71 billion, a P/E ratio of 56.69 and a beta of 1.56.
Core Laboratories NV (NYSE:CLB) last released its quarterly earnings results on Wednesday, July 20th. The company reported $0.35 earnings per share for the quarter, hitting the Thomson Reuters’ 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 the consensus estimate of $146.37 million. During the same period last year, the firm earned $0.81 earnings per share. The company’s quarterly revenue was down 27.4% on a year-over-year basis. Analysts anticipate that Core Laboratories NV will post $1.58 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of CLB. TIAA CREF Investment Management LLC boosted its position in Core Laboratories NV by 2.5% in the first quarter. TIAA CREF Investment Management LLC now owns 36,509 shares of the company’s stock worth $4,104,000 after buying an additional 876 shares in the last quarter. Ngam Advisors L.P. boosted its position in Core Laboratories NV by 16.3% in the first quarter. Ngam Advisors L.P. now owns 93,603 shares of the company’s stock worth $10,522,000 after buying an additional 13,096 shares in the last quarter. WASHINGTON TRUST Co boosted its position in Core Laboratories NV by 7.1% in the first quarter. WASHINGTON TRUST Co now owns 112,579 shares of the company’s stock worth $12,654,000 after buying an additional 7,441 shares in the last quarter. IFP Advisors Inc boosted its position in Core Laboratories NV by 162.8% in the first quarter. IFP Advisors Inc now owns 2,899 shares of the company’s stock worth $326,000 after buying an additional 1,796 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management purchased a new position in Core Laboratories NV during the first quarter worth approximately $1,246,000.
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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