Core Laboratories N.V. (CLB) Downgraded by Zacks Investment Research to Sell
Core Laboratories N.V. (NYSE:CLB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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, despite its third-quarter outperformance, we see the company as a risky bet that is best avoided at the moment.”
A number of other equities research analysts have also recently weighed in on the company. Credit Suisse Group raised Core Laboratories N.V. from a “neutral” rating to an “outperform” rating and set a $110.00 price objective for the company in a research note on Thursday, August 24th. They noted that the move was a valuation call. Loop Capital dropped their price objective on Core Laboratories N.V. from $125.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, October 25th. Royal Bank Of Canada dropped their price objective on Core Laboratories N.V. from $115.00 to $112.00 and set an “outperform” rating for the company in a research note on Thursday, September 7th. Piper Jaffray Companies set a $97.00 price objective on Core Laboratories N.V. and gave the company a “hold” rating in a research note on Wednesday, July 26th. Finally, ValuEngine lowered Core Laboratories N.V. from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $108.64.
Shares of Core Laboratories N.V. (NYSE CLB) traded up $3.08 during midday trading on Tuesday, hitting $105.28. The stock had a trading volume of 579,891 shares, compared to its average volume of 551,872. Core Laboratories N.V. has a twelve month low of $86.55 and a twelve month high of $125.83. The company has a debt-to-equity ratio of 1.53, a current ratio of 2.18 and a quick ratio of 1.81. The firm has a market capitalization of $4,620.00, a PE ratio of 55.85 and a beta of 1.56.
Core Laboratories N.V. (NYSE:CLB) last issued its quarterly earnings data on Monday, October 23rd. The oil and gas company reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.04. Core Laboratories N.V. had a return on equity of 52.89% and a net margin of 12.06%. The business had revenue of $166.20 million during the quarter, compared to analysts’ expectations of $160.94 million. During the same period in the previous year, the firm posted $0.38 earnings per share. The company’s revenue was up 1.4% on a year-over-year basis. analysts expect that Core Laboratories N.V. will post 1.99 EPS for the current year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its holdings in Core Laboratories N.V. by 10.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 895,405 shares of the oil and gas company’s stock worth $88,373,000 after buying an additional 86,407 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in Core Laboratories N.V. by 6.3% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 20,452 shares of the oil and gas company’s stock worth $2,019,000 after buying an additional 1,207 shares during the last quarter. Comerica Bank lifted its holdings in Core Laboratories N.V. by 102.4% during the 3rd quarter. Comerica Bank now owns 99,529 shares of the oil and gas company’s stock worth $9,719,000 after buying an additional 50,360 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Core Laboratories N.V. by 141.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 567,306 shares of the oil and gas company’s stock worth $55,992,000 after buying an additional 332,620 shares during the last quarter. Finally, WCM Investment Management CA lifted its holdings in Core Laboratories N.V. by 2.5% during the 3rd quarter. WCM Investment Management CA now owns 4,542,901 shares of the oil and gas company’s stock worth $448,385,000 after buying an additional 109,726 shares during 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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