Carbo Ceramics Inc. (CRR) Downgraded to “Hold” at Zacks Investment Research
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 equities research analysts have also issued reports on CRR. Howard Weil dropped their target price on Carbo Ceramics from $18.00 to $15.00 and set a sector perform rating on the stock in a research report on Tuesday, June 7th. Scotiabank reissued a sector perform rating and issued a $15.00 target price (down previously from $18.00) on shares of Carbo Ceramics in a research report on Tuesday, June 7th. Finally, Goldman Sachs Group Inc. reissued a sell rating and issued 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, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $16.53.
Carbo Ceramics (NYSE:CRR) opened at 11.87 on Monday. The firm’s market capitalization is $278.92 million. Carbo Ceramics has a one year low of $9.48 and a one year high of $25.62. The stock’s 50 day moving average price is $12.30 and its 200-day moving average price is $13.29.
Carbo Ceramics (NYSE:CRR) last announced its earnings results on Thursday, July 28th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.89) by $0.01. Carbo Ceramics had a negative return on equity of 7.16% and a negative net margin of 58.46%. The business had revenue of $20.70 million for the quarter, compared to analyst estimates of $24.70 million. During the same quarter last year, the firm earned ($0.41) EPS. Carbo Ceramics’s revenue for the quarter was down 71.8% compared to the same quarter last year. On average, equities research analysts expect that Carbo Ceramics will post ($3.24) EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the stock. Paradigm Asset Management Co. LLC boosted its position in shares of 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 in the last quarter. Arizona State Retirement System boosted its position in shares of 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 in the last quarter. Royal Bank of Canada boosted its position in shares of 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 in the last quarter. US Bancorp DE boosted its position in shares of 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 in the last quarter. Finally, Airain ltd bought a new position in shares of Carbo Ceramics during the second quarter valued at $172,000. 92.38% of the stock is owned by hedge funds and other institutional investors.
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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