Core Laboratories (NYSE:CLB) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Core Laboratories (NYSE:CLB) announced its earnings results on Wednesday. The oil and gas company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02, reports. Core Laboratories had a net margin of 8.18% and a return on equity of 15.90%. The company had revenue of $129.64 million for the quarter, compared to analysts’ expectations of $124.47 million. Core Laboratories updated its Q2 guidance to $0.19-0.23 EPS and its Q2 2024 guidance to 0.190-0.230 EPS.

Core Laboratories Stock Performance

Shares of Core Laboratories stock opened at $17.07 on Friday. Core Laboratories has a fifty-two week low of $13.82 and a fifty-two week high of $27.94. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.53 and a quick ratio of 1.72. The firm has a market capitalization of $799.90 million, a P/E ratio of 19.40, a P/E/G ratio of 0.94 and a beta of 2.40. The company’s 50 day moving average price is $16.29 and its two-hundred day moving average price is $17.66.

Core Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Monday, May 6th will be given a $0.01 dividend. The ex-dividend date is Friday, May 3rd. This represents a $0.04 dividend on an annualized basis and a yield of 0.23%. Core Laboratories’s dividend payout ratio is currently 4.55%.

Analyst Upgrades and Downgrades

CLB has been the topic of several analyst reports. Bank of America reduced their price target on shares of Core Laboratories from $17.00 to $16.00 and set an “underperform” rating on the stock in a research report on Monday, April 15th. Stifel Nicolaus reduced their price target on shares of Core Laboratories from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, February 5th. Finally, StockNews.com upgraded shares of Core Laboratories from a “sell” rating to a “hold” rating in a research report on Saturday, January 20th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.50.

Institutional Trading of Core Laboratories

A number of hedge funds have recently added to or reduced their stakes in CLB. Envestnet Asset Management Inc. lifted its holdings in shares of Core Laboratories by 39.7% during the third quarter. Envestnet Asset Management Inc. now owns 328,435 shares of the oil and gas company’s stock worth $7,886,000 after purchasing an additional 93,354 shares during the period. Invesco Ltd. raised its stake in Core Laboratories by 25.3% during the third quarter. Invesco Ltd. now owns 436,459 shares of the oil and gas company’s stock worth $10,479,000 after buying an additional 88,013 shares during the last quarter. Deutsche Bank AG raised its stake in Core Laboratories by 18.2% during the third quarter. Deutsche Bank AG now owns 27,524 shares of the oil and gas company’s stock worth $661,000 after buying an additional 4,247 shares during the last quarter. Essex Investment Management Co. LLC bought a new position in Core Laboratories during the third quarter worth $1,071,000. Finally, Toroso Investments LLC raised its stake in Core Laboratories by 6.9% during the third quarter. Toroso Investments LLC now owns 38,348 shares of the oil and gas company’s stock worth $921,000 after buying an additional 2,480 shares during the last quarter. Institutional investors and hedge funds own 97.81% of the company’s stock.

Core Laboratories Company Profile

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.