Zacks Investment Research upgraded shares of Carbo Ceramics, Inc. (NYSE:CRR) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

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. “

Other equities research analysts also recently issued research reports about the company. Piper Jaffray Companies set a $9.00 price objective on Carbo Ceramics and gave the company a hold rating in a report on Thursday, July 27th. ValuEngine downgraded Carbo Ceramics from a sell rating to a strong sell rating in a report on Tuesday, June 20th. Cowen and Company cut their price objective on Carbo Ceramics from $15.00 to $10.50 and set a market perform rating on the stock in a report on Wednesday, May 10th. Scotiabank set a $12.00 price objective on Carbo Ceramics and gave the company a hold rating in a report on Friday, July 28th. Finally, Morgan Stanley restated an underweight rating and set a $5.00 price target (down previously from $7.50) on shares of Carbo Ceramics in a report on Wednesday, June 21st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $11.06.

Shares of Carbo Ceramics (NYSE CRR) traded up 8.33% on Tuesday, reaching $7.02. The company had a trading volume of 895,246 shares. Carbo Ceramics has a 52-week low of $5.66 and a 52-week high of $16.70. The stock’s market capitalization is $190.57 million. The company has a 50 day moving average price of $6.76 and a 200 day moving average price of $9.20.

Carbo Ceramics (NYSE:CRR) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.93) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.86) by $0.07. The firm had revenue of $43.57 million during the quarter, compared to analysts’ expectations of $36.50 million. Carbo Ceramics had a negative net margin of 72.46% and a negative return on equity of 12.72%. Carbo Ceramics’s quarterly revenue was up 111.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.88) EPS. On average, equities research analysts anticipate that Carbo Ceramics will post ($3.62) earnings per share for the current year.

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A number of large investors have recently modified their holdings of the company. Moors & Cabot Inc. increased its position in Carbo Ceramics by 49.3% in the second quarter. Moors & Cabot Inc. now owns 77,800 shares of the oil and gas company’s stock worth $526,000 after buying an additional 25,700 shares during the last quarter. State Street Corp increased its position in Carbo Ceramics by 4.3% in the second quarter. State Street Corp now owns 501,406 shares of the oil and gas company’s stock worth $3,438,000 after buying an additional 20,824 shares during the last quarter. Royal Bank of Canada increased its position in Carbo Ceramics by 12.4% in the second quarter. Royal Bank of Canada now owns 28,063 shares of the oil and gas company’s stock worth $192,000 after buying an additional 3,092 shares during the last quarter. Stifel Financial Corp increased its position in Carbo Ceramics by 197.3% in the second quarter. Stifel Financial Corp now owns 74,365 shares of the oil and gas company’s stock worth $507,000 after buying an additional 49,350 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Carbo Ceramics by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 362,236 shares of the oil and gas company’s stock worth $2,481,000 after buying an additional 1,225 shares during the last quarter. Institutional investors own 82.46% of the company’s stock.

Carbo Ceramics Company Profile

CARBO Ceramics Inc is a technology company that provides products and services to the global oil and gas and industrial markets. The Company operates through two segments: Oilfield Technologies and Services, and Environmental Products and Services. The Company’s oilfield technologies and services segment includes the manufacturing and selling of proppant products for use primarily in the hydraulic fracturing of oil and natural gas wells, Fracpro software for the design of fracture treatments, and StrataGen consulting services for the optimizing of well completions.

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Analyst Recommendations for Carbo Ceramics (NYSE:CRR)

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