Core Laboratories N.V. (CLB) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Core Laboratories N.V. (NYSE:CLB) from a hold rating to a sell rating in a report issued on Tuesday.
According to Zacks, “Core Laboratories is anticipated to face near-term headwinds. Weak commodity prices have prompted upstream firms to lower capital spending, which has resulted in lesser work for the likes of Core Laboratories. Since crude prices are expected to remain low well into 2017, cash flows could see a significant decline in the coming months. The paucity of deepwater drilling orders and lower levels of new wells, which will hamper the specialized service provider’s near-term results, are other negatives in the CLB story. Therefore, ahead of its third-quarter results, we see the company as a risky bet that is best avoided at the moment.”
A number of other equities research analysts have also weighed in on CLB. ValuEngine lowered Core Laboratories N.V. from a hold rating to a sell rating in a report on Tuesday, June 6th. BidaskClub raised Core Laboratories N.V. from a sell rating to a hold rating in a report on Tuesday, June 13th. Royal Bank Of Canada set a $145.00 price objective on Core Laboratories N.V. and gave the company a buy rating in a report on Saturday, June 17th. Morgan Stanley reaffirmed an overweight rating and issued a $130.00 price objective (down previously from $150.00) on shares of Core Laboratories N.V. in a report on Wednesday, June 21st. Finally, Piper Jaffray Companies set a $97.00 price objective on Core Laboratories N.V. and gave the company a hold rating in a report on Wednesday, July 26th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $113.58.
Shares of Core Laboratories N.V. (NYSE:CLB) traded up 0.49% during trading on Tuesday, reaching $98.70. The company’s stock had a trading volume of 281,631 shares. The firm has a market capitalization of $4.36 billion, a P/E ratio of 60.55 and a beta of 1.60. Core Laboratories N.V. has a 52 week low of $86.55 and a 52 week high of $125.83. The company has a 50 day moving average price of $92.99 and a 200 day moving average price of $103.90.
Core Laboratories N.V. (NYSE:CLB) last announced its quarterly earnings data on Monday, July 24th. The oil and gas company reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.01. Core Laboratories N.V. had a return on equity of 49.29% and a net margin of 11.80%. The company had revenue of $163.90 million for the quarter, compared to analyst estimates of $168.23 million. During the same quarter in the previous year, the company earned $0.35 EPS. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities research analysts expect that Core Laboratories N.V. will post $1.99 EPS for the current fiscal year.
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Several large investors have recently made changes to their positions in the company. Clearbridge Investments LLC boosted its stake in shares of Core Laboratories N.V. by 3.8% during the 1st quarter. Clearbridge Investments LLC now owns 5,219,879 shares of the oil and gas company’s stock worth $603,000,000 after acquiring an additional 190,186 shares in the last quarter. WCM Investment Management CA boosted its stake in shares of Core Laboratories N.V. by 7.3% during the 2nd quarter. WCM Investment Management CA now owns 4,433,175 shares of the oil and gas company’s stock worth $448,948,000 after acquiring an additional 303,073 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Core Laboratories N.V. by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 3,672,865 shares of the oil and gas company’s stock worth $371,950,000 after acquiring an additional 56,807 shares in the last quarter. Sustainable Growth Advisers LP boosted its stake in shares of Core Laboratories N.V. by 36.9% during the 2nd quarter. Sustainable Growth Advisers LP now owns 2,345,271 shares of the oil and gas company’s stock worth $237,505,000 after acquiring an additional 632,263 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Core Laboratories N.V. by 1.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,702,000 shares of the oil and gas company’s stock worth $172,364,000 after acquiring an additional 22,276 shares in the last quarter.
About Core Laboratories N.V.
Core Laboratories N.V. provides reservoir description, production enhancement and reservoir management services to the oil and gas industry. The Company operates through three segments: Reservoir Description, Production Enhancement and Reservoir Management. The Reservoir Description segment encompasses the characterization of petroleum reservoir rock, fluid and gas samples.
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