Carbo Ceramics, Inc. (NYSE:CRR) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS
Carbo Ceramics, Inc. (NYSE:CRR) released its earnings results on Thursday. The oil and gas company reported ($0.93) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.86) by $0.07, MarketWatch Earnings reports. Carbo Ceramics had a negative return on equity of 10.36% and a negative net margin of 84.01%. The company had revenue of $43.57 million during the quarter, compared to analyst estimates of $36.50 million. During the same period in the prior year, the business posted ($0.88) earnings per share. Carbo Ceramics’s revenue was up 111.0% on a year-over-year basis.
Shares of Carbo Ceramics (CRR) traded down 7.49% on Thursday, reaching $6.55. 2,406,745 shares of the company’s stock were exchanged. The company’s market capitalization is $177.76 million. The firm’s 50 day moving average price is $6.80 and its 200-day moving average price is $10.02. Carbo Ceramics has a 12 month low of $5.66 and a 12 month high of $16.70.
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In other news, insider Gary A. Kolstad purchased 20,000 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The stock was acquired at an average price of $6.37 per share, with a total value of $127,400.00. Following the purchase, the insider now owns 278,135 shares in the company, valued at approximately $1,771,719.95. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Ernesto Bautista III purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The stock was purchased at an average cost of $6.38 per share, with a total value of $31,900.00. Following the purchase, the vice president now owns 82,898 shares in the company, valued at approximately $528,889.24. The disclosure for this purchase can be found here. Insiders own 18.00% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in shares of Carbo Ceramics by 5.3% in the first quarter. Bank of New York Mellon Corp now owns 265,174 shares of the oil and gas company’s stock valued at $3,459,000 after buying an additional 13,355 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Carbo Ceramics by 15.3% in the first quarter. Great West Life Assurance Co. Can now owns 28,084 shares of the oil and gas company’s stock valued at $365,000 after buying an additional 3,724 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Carbo Ceramics by 4.4% in the first quarter. Wells Fargo & Company MN now owns 1,017,803 shares of the oil and gas company’s stock valued at $13,272,000 after buying an additional 43,149 shares during the last quarter. First Midwest Bank Trust Division purchased a new stake in shares of Carbo Ceramics during the first quarter valued at approximately $1,464,000. Finally, Nationwide Fund Advisors boosted its stake in shares of Carbo Ceramics by 26.3% in the first quarter. Nationwide Fund Advisors now owns 15,592 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 3,248 shares during the last quarter. 80.41% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on CRR shares. Zacks Investment Research cut shares of Carbo Ceramics from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. ValuEngine raised shares of Carbo Ceramics from a “strong sell” rating to a “sell” rating in a research report on Tuesday. Morgan Stanley reissued an “underweight” rating and issued a $5.00 target price (down from $7.50) on shares of Carbo Ceramics in a research report on Wednesday, June 21st. Finally, Cowen and Company decreased their target price on shares of Carbo Ceramics from $15.00 to $10.50 and set a “market perform” rating on the stock in a research report on Wednesday, May 10th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $11.64.
Carbo Ceramics Company Profile
CARBO Ceramics Inc is a technology company that provides products and services to the global oil and gas and industrial markets. The Company operates through two segments: Oilfield Technologies and Services, and Environmental Products and Services. The Company’s oilfield technologies and services segment includes the manufacturing and selling of proppant products for use primarily in the hydraulic fracturing of oil and natural gas wells, Fracpro software for the design of fracture treatments, and StrataGen consulting services for the optimizing of well completions.
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