Cowen and Company Reiterates “$11.00” Price Target for Carbo Ceramics, Inc. (CRR)
Carbo Ceramics, Inc. (NYSE:CRR) received a $11.00 price objective from research analysts at Cowen and Company in a research note issued to investors on Friday. The brokerage presently has a “hold” rating on the oil and gas company’s stock. Cowen and Company’s target price suggests a potential upside of 48.85% from the stock’s previous close.
A number of other equities analysts have also recently weighed in on CRR. Zacks Investment Research raised shares of Carbo Ceramics from a “sell” rating to a “hold” rating in a research report on Tuesday, August 22nd. ValuEngine cut shares of Carbo Ceramics from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Scotiabank set a $12.00 price target on shares of Carbo Ceramics and gave the stock a “hold” rating in a research report on Friday, July 28th. Piper Jaffray Companies set a $9.00 price target on shares of Carbo Ceramics and gave the stock a “hold” rating in a research report on Thursday, July 27th. Finally, Morgan Stanley reissued an “underweight” rating and set a $5.00 price target (down from $7.50) on shares of Carbo Ceramics in a research report on Wednesday, June 21st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $10.78.
Shares of Carbo Ceramics (CRR) traded down 3.78% during mid-day trading on Friday, hitting $7.39. The stock had a trading volume of 651,090 shares. The company’s market cap is $200.62 million. The firm’s 50 day moving average price is $7.39 and its 200-day moving average price is $7.99. Carbo Ceramics has a one year low of $5.66 and a one year high of $16.70.
Carbo Ceramics (NYSE:CRR) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.07). The firm had revenue of $43.57 million for the quarter, compared to the consensus estimate of $36.50 million. Carbo Ceramics had a negative return on equity of 12.72% and a negative net margin of 72.46%. The company’s revenue for the quarter was up 111.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.88) earnings per share. On average, equities research analysts anticipate that Carbo Ceramics will post ($3.63) earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Carbo Ceramics by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 1,689,537 shares of the oil and gas company’s stock valued at $22,031,000 after buying an additional 24,051 shares during the last quarter. Prescott Group Capital Management L.L.C. bought a new position in shares of Carbo Ceramics in the 2nd quarter valued at about $6,768,000. Ameriprise Financial Inc. grew its position in shares of Carbo Ceramics by 34.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 548,679 shares of the oil and gas company’s stock valued at $3,780,000 after acquiring an additional 140,807 shares during the period. State Street Corp grew its position in shares of Carbo Ceramics by 4.3% in the 2nd quarter. State Street Corp now owns 501,406 shares of the oil and gas company’s stock valued at $3,438,000 after acquiring an additional 20,824 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Carbo Ceramics by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 362,236 shares of the oil and gas company’s stock valued at $2,481,000 after acquiring an additional 1,225 shares during the period. Hedge funds and other institutional investors own 72.19% of the company’s stock.
About Carbo Ceramics
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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