Piper Sandler Downgrades Core Laboratories (NYSE:CLB) to Underweight

Core Laboratories (NYSE:CLBGet Rating) was downgraded by investment analysts at Piper Sandler from a “neutral” rating to an “underweight” rating in a report issued on Monday, The Fly reports.

Other equities research analysts have also issued research reports about the stock. StockNews.com initiated coverage on shares of Core Laboratories in a report on Thursday, March 31st. They set a “hold” rating on the stock. Morgan Stanley raised their target price on shares of Core Laboratories from $30.00 to $35.00 and gave the company an “equal weight” rating in a research note on Monday, April 11th. Four research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Sell” and a consensus target price of $31.30.

Shares of NYSE:CLB opened at $33.61 on Monday. Core Laboratories has a 12 month low of $21.08 and a 12 month high of $49.87. The company’s 50-day moving average price is $29.86 and its two-hundred day moving average price is $27.45. The company has a quick ratio of 1.58, a current ratio of 2.08 and a debt-to-equity ratio of 1.17. The firm has a market cap of $1.56 billion, a P/E ratio of 78.16 and a beta of 2.79.

Core Laboratories (NYSE:CLBGet Rating) last issued its quarterly earnings data on Wednesday, February 2nd. The oil and gas company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. Core Laboratories had a net margin of 4.20% and a return on equity of 21.03%. The firm had revenue of $125.14 million for the quarter, compared to analyst estimates of $122.39 million. During the same quarter in the prior year, the firm earned $0.18 EPS. The company’s revenue was up 10.0% on a year-over-year basis. As a group, equities analysts predict that Core Laboratories will post 0.89 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP acquired a new stake in shares of Core Laboratories in the 1st quarter valued at approximately $30,000. Deutsche Bank AG raised its position in shares of Core Laboratories by 14.3% in the 4th quarter. Deutsche Bank AG now owns 3,679 shares of the oil and gas company’s stock valued at $82,000 after acquiring an additional 459 shares during the period. Arizona State Retirement System raised its position in shares of Core Laboratories by 4.1% in the 3rd quarter. Arizona State Retirement System now owns 12,613 shares of the oil and gas company’s stock valued at $350,000 after acquiring an additional 497 shares during the period. Public Sector Pension Investment Board raised its position in shares of Core Laboratories by 0.7% in the 4th quarter. Public Sector Pension Investment Board now owns 94,280 shares of the oil and gas company’s stock valued at $2,103,000 after acquiring an additional 660 shares during the period. Finally, Alliancebernstein L.P. raised its position in shares of Core Laboratories by 7.7% in the 4th quarter. Alliancebernstein L.P. now owns 15,271 shares of the oil and gas company’s stock valued at $341,000 after acquiring an additional 1,098 shares during the period. 91.72% of the stock is currently owned by institutional investors.

About Core Laboratories (Get Rating)

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

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