CARBO Ceramics (CRR) Downgraded to Sell at Zacks Investment Research

CARBO Ceramics (NYSE:CRR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.

According to Zacks, “CARBO Ceramics Inc. is an oilfield services technology company that provides industry-leading production enhancement and environmental services solutions. By integrating technologies and intellectual capital to design, build and optimize fractures, CARBO delivers complete production enhancement solutions to help oilfield service companies and E&P clients increase the production of oil and natural gas wells and achieve higher ultimate recovery rates. The Company also provides high-performance spill prevention and containment solutions that are engineered to protect the client’s entire wellsite as well as the environment. “

Several other analysts have also recently issued reports on the company. ValuEngine upgraded CARBO Ceramics from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 31st. Scotiabank set a $12.00 price objective on CARBO Ceramics and gave the company a “hold” rating in a research note on Friday, October 27th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. CARBO Ceramics presently has a consensus rating of “Hold” and a consensus price target of $10.88.

Shares of CARBO Ceramics (NYSE CRR) traded up $0.16 during midday trading on Monday, reaching $7.59. The company’s stock had a trading volume of 901,041 shares, compared to its average volume of 1,069,264. CARBO Ceramics has a 12-month low of $5.83 and a 12-month high of $16.70. The firm has a market capitalization of $205.97, a PE ratio of -0.80 and a beta of 1.74. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.61 and a quick ratio of 3.31.

CARBO Ceramics (NYSE:CRR) last announced its quarterly earnings data on Thursday, January 25th. The oil and gas company reported ($0.65) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.63) by ($0.02). CARBO Ceramics had a negative net margin of 67.47% and a negative return on equity of 20.27%. The firm had revenue of $60.34 million for the quarter, compared to analyst estimates of $56.87 million. During the same quarter in the previous year, the company earned ($0.35) EPS. The company’s quarterly revenue was up 107.4% compared to the same quarter last year. research analysts anticipate that CARBO Ceramics will post -1.51 EPS for the current fiscal year.

In related news, major shareholder Wilks Brothers, Llc purchased 20,000 shares of the company’s stock in a transaction dated Wednesday, November 21st. The shares were acquired at an average cost of $9.94 per share, for a total transaction of $198,800.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 16.20% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in shares of CARBO Ceramics by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 362,236 shares of the oil and gas company’s stock worth $2,481,000 after purchasing an additional 1,225 shares during the period. Rhumbline Advisers grew its holdings in CARBO Ceramics by 4.0% in the 2nd quarter. Rhumbline Advisers now owns 45,564 shares of the oil and gas company’s stock worth $312,000 after buying an additional 1,755 shares in the last quarter. Royal Bank of Canada grew its holdings in CARBO Ceramics by 12.4% in the 2nd quarter. Royal Bank of Canada now owns 28,063 shares of the oil and gas company’s stock worth $192,000 after buying an additional 3,092 shares in the last quarter. Legal & General Group Plc grew its holdings in CARBO Ceramics by 8.7% in the 2nd quarter. Legal & General Group Plc now owns 39,529 shares of the oil and gas company’s stock worth $271,000 after buying an additional 3,166 shares in the last quarter. Finally, Ahrens Investment Partners LLC grew its holdings in CARBO Ceramics by 67.8% in the 3rd quarter. Ahrens Investment Partners LLC now owns 19,300 shares of the oil and gas company’s stock worth $167,000 after buying an additional 7,800 shares in the last quarter. Institutional investors and hedge funds own 73.60% of the company’s stock.

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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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