Core Laboratories NV (CLB) Upgraded to Buy by Zacks Investment Research
Core Laboratories NV (NYSE:CLB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $120.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 12.38% from the stock’s current price.
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.”
Several other analysts have also commented on CLB. Credit Suisse Group AG assumed 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. Citigroup Inc. lowered 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. Finally, JPMorgan Chase & Co. assumed coverage on shares of Core Laboratories NV in a research report on Friday, June 10th. They issued an “overweight” rating and a $120.00 price target on the stock. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $120.12.
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Core Laboratories NV (NYSE:CLB) traded up 0.248% during mid-day trading on Wednesday, hitting $107.045. The stock had a trading volume of 237,866 shares. Core Laboratories NV has a one year low of $84.50 and a one year high of $135.49. The company has a market cap of $4.72 billion, a price-to-earnings ratio of 56.788 and a beta of 1.56. The company has a 50 day moving average price of $113.87 and a 200-day moving average price of $118.00.
Core Laboratories NV (NYSE:CLB) last released its quarterly earnings results on Wednesday, July 20th. The company reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. The business had revenue of $148.10 million for the quarter, compared to analyst estimates of $146.37 million. Core Laboratories NV had a net margin of 11.81% and a return on equity of 344.55%. The company’s quarterly revenue was down 27.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 earnings per share. Equities analysts expect that Core Laboratories NV will post $1.58 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of CLB. Ranger Investment Management L.P. increased its position in shares of Core Laboratories NV by 0.8% in the second quarter. Ranger Investment Management L.P. now owns 2,565 shares of the company’s stock worth $318,000 after buying an additional 20 shares in the last quarter. Montag & Caldwell LLC increased its stake in Core Laboratories NV by 0.7% in the second quarter. Montag & Caldwell LLC now owns 4,450 shares of the company’s stock valued at $551,000 after buying an additional 30 shares during the period. BlackRock Investment Management LLC increased its stake in Core Laboratories NV by 1.4% in the second quarter. BlackRock Investment Management LLC now owns 4,915 shares of the company’s stock valued at $609,000 after buying an additional 68 shares during the period. Parsons Capital Management Inc. RI increased its stake in Core Laboratories NV by 3.6% in the second quarter. Parsons Capital Management Inc. RI now owns 2,150 shares of the company’s stock valued at $266,000 after buying an additional 75 shares during the period. Finally, Laurel Wealth Advisors Inc. increased its stake in Core Laboratories NV by 3.6% in the second quarter. Laurel Wealth Advisors Inc. now owns 2,132 shares of the company’s stock valued at $264,000 after buying an additional 75 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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