Research Analysts Offer Predictions for Core Laboratories Inc.’s Q1 2024 Earnings (NYSE:CLB)

Core Laboratories Inc. (NYSE:CLB) – Equities research analysts at Zacks Research reduced their Q1 2024 earnings per share estimates for Core Laboratories in a report issued on Thursday, April 18th. Zacks Research analyst T. Saha now forecasts that the oil and gas company will earn $0.10 per share for the quarter, down from their prior estimate of $0.12. The consensus estimate for Core Laboratories’ current full-year earnings is $0.81 per share. Zacks Research also issued estimates for Core Laboratories’ FY2024 earnings at $0.76 EPS and Q1 2025 earnings at $0.20 EPS.

A number of other research analysts have also recently issued reports on CLB. StockNews.com raised Core Laboratories from a “sell” rating to a “hold” rating in a research note on Saturday, January 20th. Bank of America decreased their target price on Core Laboratories from $17.00 to $16.00 and set an “underperform” rating for the company in a research note on Monday. Finally, Stifel Nicolaus decreased their target price on Core Laboratories from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, February 5th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.50.

Core Laboratories Stock Up 1.8 %

NYSE:CLB opened at $16.99 on Friday. Core Laboratories has a 1 year low of $13.82 and a 1 year high of $27.94. The company has a current ratio of 2.53, a quick ratio of 1.72 and a debt-to-equity ratio of 0.71. The stock has a market cap of $796.15 million, a price-to-earnings ratio of 19.76, a PEG ratio of 0.93 and a beta of 2.40. The stock has a 50-day moving average price of $16.05 and a two-hundred day moving average price of $17.86.

Core Laboratories (NYSE:CLB) last released its quarterly earnings data on Wednesday, January 31st. The oil and gas company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The company had revenue of $128.21 million during the quarter, compared to the consensus estimate of $127.80 million. Core Laboratories had a net margin of 8.03% and a return on equity of 15.19%. During the same quarter in the prior year, the company posted $0.23 EPS.

Institutional Investors Weigh In On Core Laboratories

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLB. PNC Financial Services Group Inc. raised its holdings in shares of Core Laboratories by 13.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,484 shares of the oil and gas company’s stock valued at $81,000 after purchasing an additional 410 shares during the period. State of Wyoming raised its holdings in shares of Core Laboratories by 43.1% in the 2nd quarter. State of Wyoming now owns 1,447 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 436 shares during the period. California State Teachers Retirement System raised its holdings in shares of Core Laboratories by 1.2% in the 1st quarter. California State Teachers Retirement System now owns 39,608 shares of the oil and gas company’s stock valued at $1,253,000 after purchasing an additional 481 shares during the period. Great West Life Assurance Co. Can raised its holdings in shares of Core Laboratories by 1.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 57,142 shares of the oil and gas company’s stock valued at $1,260,000 after purchasing an additional 626 shares during the period. Finally, Morningstar Investment Services LLC raised its holdings in shares of Core Laboratories by 6.0% in the 3rd quarter. Morningstar Investment Services LLC now owns 13,570 shares of the oil and gas company’s stock valued at $333,000 after purchasing an additional 764 shares during the period. 97.81% of the stock is owned by institutional investors.

Core Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Monday, February 12th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Friday, February 9th. This represents a $0.04 annualized dividend and a yield of 0.24%. Core Laboratories’s dividend payout ratio (DPR) is presently 4.65%.

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, and internationally. It operates through Reservoir Description and Production Enhancement segments. The Reservoir Description segment includes the characterization of petroleum reservoir rock and reservoir fluid samples to enhance production and improve recovery of crude oil and gas from its clients' reservoirs.