Carbo Ceramics Inc. (CRR) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Carbo Ceramics Inc. (NYSE:CRR) from a hold rating to a buy rating in a research report report published on Tuesday. They currently have $11.00 price objective on the stock.
According to Zacks, “CARBO Ceramics Inc. is the world’s largest producer and supplier of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells. Demand for ceramic proppants depends primarily upon the demand for natural gas and oil and on the number of natural gas and oil wells drilled, completed or recompleted worldwide. More specifically, the demand for ceramic proppants is dependent on the number of oil and gas wells that are hydraulically fractured to stimulate production. “
A number of other research firms have also recently commented on CRR. Scotiabank reissued a sector perform rating and set a $15.00 target price (down previously from $18.00) on shares of Carbo Ceramics in a research report on Tuesday, June 7th. Howard Weil decreased their target price on shares of Carbo Ceramics from $18.00 to $15.00 and set a sector perform rating for the company in a research report on Tuesday, June 7th. Finally, Goldman Sachs Group Inc. reissued a sell rating and set a $8.00 target price on shares of Carbo Ceramics in a research report on Wednesday, June 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $16.53.
Carbo Ceramics (NYSE:CRR) traded up 1.2870% during midday trading on Tuesday, reaching $10.1287. 66,407 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $12.66 and its 200-day moving average is $13.52. The stock’s market capitalization is $238.00 million. Carbo Ceramics has a 12-month low of $9.48 and a 12-month high of $25.62.
Carbo Ceramics (NYSE:CRR) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($0.89) by $0.01. Carbo Ceramics had a negative net margin of 58.46% and a negative return on equity of 7.16%. The firm earned $20.70 million during the quarter, compared to analysts’ expectations of $24.70 million. During the same quarter in the prior year, the company earned ($0.41) EPS. The company’s revenue was down 71.8% compared to the same quarter last year. On average, equities analysts forecast that Carbo Ceramics will post ($3.24) earnings per share for the current year.
A number of institutional investors have recently bought and sold shares of the stock. Paradigm Asset Management Co. LLC increased its position in Carbo Ceramics by 49.2% in the second quarter. Paradigm Asset Management Co. LLC now owns 9,400 shares of the company’s stock valued at $123,000 after buying an additional 3,100 shares during the last quarter. Royal Bank of Canada increased its position in Carbo Ceramics by 68.1% in the first quarter. Royal Bank of Canada now owns 9,873 shares of the company’s stock valued at $140,000 after buying an additional 4,001 shares during the last quarter. Arizona State Retirement System increased its position in Carbo Ceramics by 1.0% in the second quarter. Arizona State Retirement System now owns 10,214 shares of the company’s stock valued at $134,000 after buying an additional 100 shares during the last quarter. US Bancorp DE increased its position in Carbo Ceramics by 2.1% in the second quarter. US Bancorp DE now owns 11,248 shares of the company’s stock valued at $148,000 after buying an additional 235 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Carbo Ceramics by 254.7% in the first quarter. Envestnet Asset Management Inc. now owns 11,473 shares of the company’s stock valued at $163,000 after buying an additional 8,238 shares during the last quarter. 92.38% of the stock is currently owned by institutional investors and hedge funds.
Carbo Ceramics Company Profile
Carbo Ceramics Inc is an oilfield services technology company. The Company supplies ceramic proppant. The Company also sells sand and resin-coated proppants. Additionally, it provides fracture simulation software, fracture design and consulting services, and a range of technologies for spill prevention, containment and related countermeasures.
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