Core Laboratories N.V. (CLB) Rating Increased to Buy at Zacks Investment Research
Core Laboratories N.V. (NYSE:CLB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $116.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 8.71% 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. As it is, we like CLB's leadership position in the reservoir optimization niche, along with its global footprint and deep portfolio of proprietary products and services. Furthermore, CLB’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 tight oil price scenario has 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.”
CLB has been the topic of a number of other reports. Scotiabank set a $133.00 target price on Core Laboratories N.V. and gave the stock a “hold” rating in a research report on Wednesday, March 22nd. ValuEngine downgraded Core Laboratories N.V. from a “hold” rating to a “sell” rating in a research report on Tuesday, June 6th. ABN Amro raised Core Laboratories N.V. to a “hold” rating in a research report on Friday, April 21st. Tudor Pickering began coverage on Core Laboratories N.V. in a research report on Thursday, March 23rd. They set a “hold” rating on the stock. Finally, Citigroup Inc. reissued a “neutral” rating and set a $117.00 target price (down from $119.00) on shares of Core Laboratories N.V. in a research report on Saturday, March 11th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. Core Laboratories N.V. presently has a consensus rating of “Hold” and an average price target of $125.11.
Core Laboratories N.V. (CLB) traded up 0.21% on Monday, hitting $106.93. The company had a trading volume of 127,004 shares. The firm’s 50 day moving average price is $107.33 and its 200 day moving average price is $113.95. The stock has a market cap of $4.72 billion, a P/E ratio of 70.81 and a beta of 1.51. Core Laboratories N.V. has a 12-month low of $96.30 and a 12-month high of $129.75.
Core Laboratories N.V. (NYSE:CLB) last released its earnings results on Wednesday, April 19th. The oil and gas company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.03. Core Laboratories N.V. had a return on equity of 43.28% and a net margin of 11.10%. The business had revenue of $157.81 million for the quarter, compared to the consensus estimate of $150.44 million. During the same period last year, the business earned $0.37 earnings per share. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts predict that Core Laboratories N.V. will post $2.20 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 23rd. Shareholders of record on Friday, April 28th were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date was Thursday, April 27th. Core Laboratories N.V.’s dividend payout ratio is 145.70%.
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A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Clearbridge Investments LLC boosted its position in shares of Core Laboratories N.V. by 3.8% in the first quarter. Clearbridge Investments LLC now owns 5,219,879 shares of the oil and gas company’s stock worth $603,000,000 after buying an additional 190,186 shares in the last quarter. WCM Investment Management CA boosted its position in Core Laboratories N.V. by 4.6% in the first quarter. WCM Investment Management CA now owns 4,130,102 shares of the oil and gas company’s stock worth $477,109,000 after buying an additional 181,025 shares during the period. Vanguard Group Inc. boosted its position in Core Laboratories N.V. by 3.5% in the first quarter. Vanguard Group Inc. now owns 3,616,058 shares of the oil and gas company’s stock worth $417,726,000 after buying an additional 123,416 shares during the period. Sustainable Growth Advisers LP boosted its position in Core Laboratories N.V. by 8.9% in the first quarter. Sustainable Growth Advisers LP now owns 1,713,008 shares of the oil and gas company’s stock worth $197,886,000 after buying an additional 140,378 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its position in Core Laboratories N.V. by 2.8% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,679,724 shares of the oil and gas company’s stock worth $194,042,000 after buying an additional 46,010 shares during the period.
Core Laboratories N.V. Company Profile
Core Laboratories N.V. provides reservoir description, production enhancement and reservoir management services to the oil and gas industry. The Company operates through three segments: Reservoir Description, Production Enhancement and Reservoir Management. The Reservoir Description segment encompasses the characterization of petroleum reservoir rock, fluid and gas samples.
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