Core Laboratories (NYSE:CLB) Price Target Cut to $14.00 by Analysts at Citigroup

Core Laboratories (NYSE:CLB) had its target price cut by Citigroup from $15.00 to $14.00 in a report released on Thursday morning, Benzinga reports. They currently have a sell rating on the oil and gas company’s stock.

CLB has been the subject of several other research reports. Piper Sandler reduced their price target on shares of Core Laboratories from $18.00 to $17.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Bank of America reduced their price target on shares of Core Laboratories from $16.00 to $15.00 and set an “underperform” rating for the company in a report on Monday, July 15th. StockNews.com upgraded shares of Core Laboratories from a “sell” rating to a “hold” rating in a report on Monday. Finally, Stifel Nicolaus boosted their price objective on shares of Core Laboratories from $18.00 to $22.00 and gave the stock a “hold” rating in a research report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $17.00.

Core Laboratories Stock Down 1.9 %

Shares of NYSE CLB opened at $18.92 on Thursday. The stock has a market cap of $888.29 million, a P/E ratio of 29.11, a P/E/G ratio of 1.34 and a beta of 2.36. Core Laboratories has a 52-week low of $13.82 and a 52-week high of $25.13. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.79 and a current ratio of 2.48. The firm has a 50 day moving average price of $18.59 and a 200 day moving average price of $19.01.

Core Laboratories (NYSE:CLB) last released its quarterly earnings results on Wednesday, October 23rd. The oil and gas company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.04. The company had revenue of $134.40 million during the quarter, compared to analysts’ expectations of $134.16 million. Core Laboratories had a net margin of 5.83% and a return on equity of 15.84%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.22 earnings per share. Analysts expect that Core Laboratories will post 0.77 EPS for the current year.

Core Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 4th will be issued a $0.01 dividend. The ex-dividend date is Monday, November 4th. This represents a $0.04 annualized dividend and a dividend yield of 0.21%. Core Laboratories’s dividend payout ratio is currently 6.15%.

Hedge Funds Weigh In On Core Laboratories

Several institutional investors and hedge funds have recently modified their holdings of CLB. Headlands Technologies LLC acquired a new position in shares of Core Laboratories in the second quarter valued at $36,000. nVerses Capital LLC acquired a new position in shares of Core Laboratories in the third quarter valued at about $48,000. GAMMA Investing LLC grew its stake in shares of Core Laboratories by 23.9% in the second quarter. GAMMA Investing LLC now owns 4,425 shares of the oil and gas company’s stock valued at $90,000 after acquiring an additional 855 shares in the last quarter. Platinum Investment Management Ltd. grew its stake in shares of Core Laboratories by 13.9% in the first quarter. Platinum Investment Management Ltd. now owns 6,351 shares of the oil and gas company’s stock valued at $108,000 after acquiring an additional 774 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Core Laboratories by 11.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,636 shares of the oil and gas company’s stock valued at $114,000 after acquiring an additional 600 shares in the last quarter. 97.81% of the stock is currently owned by institutional investors and hedge funds.

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.