Carbo Ceramics, Inc. (NYSE:CRR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “CARBO Ceramics Inc. is the world’s largest producer and supplier of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells. Demand for ceramic proppants depends primarily upon the demand for natural gas and oil and on the number of natural gas and oil wells drilled, completed or recompleted worldwide. More specifically, the demand for ceramic proppants is dependent on the number of oil and gas wells that are hydraulically fractured to stimulate production. “

A number of other research analysts have also weighed in on the company. Morgan Stanley restated an “underweight” rating and issued a $5.00 target price (down previously from $7.50) on shares of Carbo Ceramics in a report on Wednesday, June 21st. ValuEngine lowered Carbo Ceramics from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 20th. Piper Jaffray Companies set a $9.00 target price on Carbo Ceramics and gave the company a “hold” rating in a report on Thursday, July 27th. Scotiabank set a $12.00 target price on Carbo Ceramics and gave the company a “hold” rating in a report on Friday, July 28th. Finally, Cowen and Company set a $11.00 target price on Carbo Ceramics and gave the company a “hold” rating in a report on Friday, October 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $10.78.

Shares of Carbo Ceramics (NYSE:CRR) traded down 1.08% during midday trading on Wednesday, hitting $7.32. The stock had a trading volume of 614,791 shares. Carbo Ceramics has a 52 week low of $5.66 and a 52 week high of $16.70. The company’s 50 day moving average is $7.49 and its 200 day moving average is $7.83. The firm’s market cap is $198.72 million.

Carbo Ceramics (NYSE:CRR) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.93) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.86) by ($0.07). Carbo Ceramics had a negative net margin of 72.46% and a negative return on equity of 12.72%. The firm had revenue of $43.57 million during the quarter, compared to analyst estimates of $36.50 million. During the same period last year, the business posted ($0.88) EPS. The company’s revenue was up 111.0% on a year-over-year basis. On average, equities analysts predict that Carbo Ceramics will post ($3.62) earnings per share for the current fiscal year.

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A number of institutional investors have recently modified their holdings of CRR. UBS Asset Management Americas Inc. bought a new stake in Carbo Ceramics during the second quarter worth $103,000. Texas Permanent School Fund lifted its holdings in Carbo Ceramics by 0.8% during the second quarter. Texas Permanent School Fund now owns 15,456 shares of the oil and gas company’s stock worth $106,000 after acquiring an additional 128 shares during the period. Creative Planning lifted its holdings in Carbo Ceramics by 101.5% during the second quarter. Creative Planning now owns 17,106 shares of the oil and gas company’s stock worth $117,000 after acquiring an additional 8,618 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in Carbo Ceramics by 13.9% during the first quarter. Public Employees Retirement System of Ohio now owns 9,786 shares of the oil and gas company’s stock worth $128,000 after acquiring an additional 1,196 shares during the period. Finally, Arizona State Retirement System lifted its holdings in Carbo Ceramics by 1.8% during the first quarter. Arizona State Retirement System now owns 11,014 shares of the oil and gas company’s stock worth $144,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds 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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