Core Laboratories N.V. (CLB) Stock Rating Upgraded by Zacks Investment Research
Core Laboratories N.V. (NYSE:CLB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Core Laboratories boasts of a unique business model, disciplined financial management and technological expertise. We also like CLB's leadership position in the reservoir optimization niche, along with its global footprint and deep portfolio of proprietary products and services. CLB’s low asset intensive operations and limited capex needs allow it to generate substantial free cash flows and operate profitably even in this low commodity price environment. However, we are concerned of the company’s high leverage and paucity of deepwater drilling orders which might hamper the specialized service provider’s near-term results. Therefore until the commodity price environment improves, we take a cautious stance on the prospects of the stock.”
Other research analysts also recently issued reports about the company. BidaskClub downgraded Core Laboratories N.V. from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. Royal Bank Of Canada set a $145.00 target price on Core Laboratories N.V. and gave the stock a “buy” rating in a research note on Saturday, June 17th. ValuEngine downgraded Core Laboratories N.V. from a “hold” rating to a “sell” rating in a research note on Tuesday, June 6th. Citigroup Inc. reduced their target price on Core Laboratories N.V. from $102.00 to $100.00 and set a “neutral” rating for the company in a research note on Wednesday, July 26th. Finally, Piper Jaffray Companies set a $97.00 target price on Core Laboratories N.V. and gave the stock a “hold” rating in a research note on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. Core Laboratories N.V. currently has a consensus rating of “Hold” and an average target price of $113.58.
Core Laboratories N.V. (NYSE:CLB) traded up 0.92% during trading on Tuesday, hitting $96.88. 658,304 shares of the stock traded hands. The stock has a market cap of $4.28 billion, a PE ratio of 59.44 and a beta of 1.60. Core Laboratories N.V. has a 12 month low of $86.55 and a 12 month high of $125.83. The company has a 50-day moving average price of $93.15 and a 200-day moving average price of $104.31.
Core Laboratories N.V. (NYSE:CLB) last issued its earnings results on Monday, July 24th. The oil and gas company reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.01. Core Laboratories N.V. had a return on equity of 49.29% and a net margin of 11.80%. The firm had revenue of $163.90 million for the quarter, compared to analyst estimates of $168.23 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Core Laboratories N.V.’s revenue for the quarter was up 10.7% on a year-over-year basis. Equities research analysts expect that Core Laboratories N.V. will post $2.00 EPS for the current year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clearbridge Investments LLC lifted its stake in Core Laboratories N.V. by 3.8% during the 1st quarter. Clearbridge Investments LLC now owns 5,219,879 shares of the oil and gas company’s stock worth $603,000,000 after acquiring an additional 190,186 shares in the last quarter. WCM Investment Management CA lifted its stake in Core Laboratories N.V. by 7.3% during the 2nd quarter. WCM Investment Management CA now owns 4,433,175 shares of the oil and gas company’s stock worth $448,948,000 after acquiring an additional 303,073 shares in the last quarter. Vanguard Group Inc. lifted its stake in Core Laboratories N.V. by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 3,672,865 shares of the oil and gas company’s stock worth $371,950,000 after acquiring an additional 56,807 shares in the last quarter. Sustainable Growth Advisers LP lifted its stake in Core Laboratories N.V. by 36.9% during the 2nd quarter. Sustainable Growth Advisers LP now owns 2,345,271 shares of the oil and gas company’s stock worth $237,505,000 after acquiring an additional 632,263 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its stake in Core Laboratories N.V. by 1.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,702,000 shares of the oil and gas company’s stock worth $172,364,000 after acquiring an additional 22,276 shares in the last quarter.
About Core Laboratories N.V.
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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