Core Laboratories (NYSE:CLB) Downgraded by StockNews.com to “Sell”

StockNews.com downgraded shares of Core Laboratories (NYSE:CLB) from a hold rating to a sell rating in a research note published on Tuesday.

Other equities analysts also recently issued research reports about the stock. Stifel Nicolaus increased their price target on shares of Core Laboratories from $18.00 to $22.00 and gave the stock a hold rating in a report on Friday, July 26th. Bank of America cut their price target on shares of Core Laboratories from $16.00 to $15.00 and set an underperform rating on the stock in a report on Monday, July 15th. Finally, Piper Sandler cut their price target on shares of Core Laboratories from $18.00 to $17.00 and set a neutral rating on the stock in a report on Monday, July 15th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to MarketBeat, Core Laboratories has an average rating of Reduce and an average target price of $18.50.

Core Laboratories Stock Performance

Shares of Core Laboratories stock opened at $18.36 on Tuesday. The firm has a market capitalization of $861.08 million, a P/E ratio of 20.86, a PEG ratio of 0.94 and a beta of 2.37. The company has a quick ratio of 1.68, a current ratio of 2.39 and a debt-to-equity ratio of 0.60. The company has a 50 day moving average price of $20.36 and a 200 day moving average price of $18.54. Core Laboratories has a 52 week low of $13.82 and a 52 week high of $25.20.

Core Laboratories (NYSE:CLB) last announced its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. Core Laboratories had a net margin of 5.44% and a return on equity of 15.20%. The firm had revenue of $130.58 million during the quarter, compared to analyst estimates of $132.85 million. During the same period last year, the firm posted $0.23 EPS. Core Laboratories’s revenue was up 2.1% on a year-over-year basis. Sell-side analysts expect that Core Laboratories will post 0.8 EPS for the current year.

Core Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Monday, August 5th were paid a dividend of $0.01 per share. The ex-dividend date was Monday, August 5th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.22%. Core Laboratories’s payout ratio is 4.55%.

Institutional Investors Weigh In On Core Laboratories

Hedge funds and other institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp grew its stake in shares of Core Laboratories by 9.0% during the 1st quarter. Van ECK Associates Corp now owns 639,071 shares of the oil and gas company’s stock worth $10,915,000 after purchasing an additional 52,639 shares during the period. Gendell Jeffrey L grew its stake in Core Laboratories by 35.1% in the 4th quarter. Gendell Jeffrey L now owns 162,093 shares of the oil and gas company’s stock valued at $2,863,000 after acquiring an additional 42,140 shares during the period. Vanguard Group Inc. grew its stake in Core Laboratories by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 5,392,034 shares of the oil and gas company’s stock valued at $92,096,000 after acquiring an additional 27,701 shares during the period. Congress Wealth Management LLC DE grew its stake in Core Laboratories by 40.8% in the 1st quarter. Congress Wealth Management LLC DE now owns 183,282 shares of the oil and gas company’s stock valued at $3,130,000 after acquiring an additional 53,090 shares during the period. Finally, Congress Asset Management Co. MA grew its stake in Core Laboratories by 17.6% in the 1st quarter. Congress Asset Management Co. MA now owns 1,606,745 shares of the oil and gas company’s stock valued at $27,443,000 after acquiring an additional 240,989 shares during the period. Institutional investors and hedge funds own 97.81% of the company’s stock.

About Core Laboratories

Core Laboratories Inc provides reservoir description and production enhancement services and products to the oil and gas industry in the United States, and internationally. It operates through Reservoir Description and Production Enhancement segments. The Reservoir Description segment includes the characterization of petroleum reservoir rock and reservoir fluid samples to enhance production and improve recovery of crude oil and gas from its clients' reservoirs.