Core Laboratories (NYSE:CLB) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of Core Laboratories (NYSE:CLB) from a sell rating to a hold rating in a research note published on Saturday.

CLB has been the topic of a number of other reports. Piper Sandler increased their price objective on shares of Core Laboratories from $19.00 to $21.00 and gave the company a neutral rating in a research note on Monday, July 31st. Citigroup lowered their price objective on shares of Core Laboratories from $21.00 to $20.00 and set a sell rating on the stock in a research note on Monday, September 18th. Finally, TheStreet cut shares of Core Laboratories from a b- rating to a c rating in a research note on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $21.88.

Core Laboratories Stock Up 0.9 %

Shares of Core Laboratories stock opened at $18.44 on Friday. The firm has a fifty day moving average of $22.45 and a two-hundred day moving average of $23.32. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.82 and a current ratio of 2.71. The company has a market cap of $861.59 million, a P/E ratio of 21.44, a PEG ratio of 0.67 and a beta of 2.61. Core Laboratories has a one year low of $17.77 and a one year high of $27.94.

Core Laboratories (NYSE:CLB) last announced its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The company had revenue of $125.30 million during the quarter, compared to analysts’ expectations of $129.81 million. Core Laboratories had a net margin of 8.10% and a return on equity of 16.85%. The business’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 EPS. On average, analysts forecast that Core Laboratories will post 0.58 earnings per share for the current year.

Core Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 4th. Investors of record on Monday, November 13th will be given a $0.01 dividend. The ex-dividend date of this dividend is Friday, November 10th. This represents a $0.04 annualized dividend and a dividend yield of 0.22%. Core Laboratories’s dividend payout ratio is presently 4.65%.

Institutional Investors Weigh In On Core Laboratories

Several hedge funds have recently modified their holdings of CLB. Allspring Global Investments Holdings LLC acquired a new stake in shares of Core Laboratories in the third quarter worth approximately $31,000. State of Wyoming boosted its position in shares of Core Laboratories by 43.1% in the second quarter. State of Wyoming now owns 1,447 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 436 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Core Laboratories by 9,913.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,502 shares of the oil and gas company’s stock valued at $35,000 after buying an additional 1,487 shares during the period. Signaturefd LLC raised its holdings in Core Laboratories by 33.1% in the second quarter. Signaturefd LLC now owns 1,590 shares of the oil and gas company’s stock valued at $37,000 after buying an additional 395 shares during the period. Finally, UBS Group AG raised its holdings in Core Laboratories by 171.6% in the third quarter. UBS Group AG now owns 3,200 shares of the oil and gas company’s stock valued at $43,000 after buying an additional 2,022 shares during the period. 97.81% of the stock is owned by institutional investors and hedge funds.

About Core Laboratories

Core Laboratories Inc provides reservoir description and production enhancement services and products to the oil and gas industry in the United States, Canada, and internationally. It operates through Reservoir Description and Production Enhancement segments. The Reservoir Description segment includes the characterization of petroleum reservoir rock, reservoir fluid, and gas samples to enhance production and improve recovery of oil and gas from its clients' reservoirs.