Core Laboratories (NYSE:CLB) Upgraded at Zacks Investment Research

Core Laboratories (NYSE:CLBGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday, Zacks.com reports. The firm presently has a $29.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 15.95% from the stock’s previous close.

According to Zacks, “Core Laboratories, an oilfield services company has deep portfolio of proprietary products and services which positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. Its cash flows provide it with the flexibility to pursue growth-oriented initiative. Historically, the company has not been shy of making acquisitions to plug product/service holes in its portfolio or increase its geographic footprint. However, the exploration and production capital discipline is likely to continue into 2022, translating into lesser work for Core Laboratories. Meanwhile, the dividend cut has jolted income investors and put a question mark over Core Labs’ longer term cash flows. The company's high debt burden and impact of the Russia-Ukraine conflict are also concerning. Hence, Core Labs warrants a cautious stance.”

A number of other equities analysts also recently issued reports on CLB. Morgan Stanley upped their price target on Core Laboratories from $30.00 to $35.00 and gave the company an “equal weight” rating in a report on Monday, April 11th. Piper Sandler downgraded Core Laboratories from a “neutral” rating to an “underweight” rating and upped their price target for the company from $19.50 to $21.30 in a report on Monday, April 18th. Finally, StockNews.com downgraded Core Laboratories from a “hold” rating to a “sell” rating in a report on Tuesday, May 3rd. Five research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to data from MarketBeat, Core Laboratories currently has an average rating of “Sell” and an average price target of $31.55.

Shares of CLB stock traded down $2.46 during trading hours on Monday, reaching $25.01. 13,202 shares of the stock were exchanged, compared to its average volume of 527,844. The business’s fifty day moving average is $30.24 and its two-hundred day moving average is $27.26. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.03 and a quick ratio of 1.54. Core Laboratories has a 12-month low of $21.08 and a 12-month high of $49.87. The firm has a market capitalization of $1.16 billion, a P/E ratio of 119.10 and a beta of 2.71.

Core Laboratories (NYSE:CLBGet Rating) last released its earnings results on Wednesday, April 27th. The oil and gas company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Core Laboratories had a net margin of 2.04% and a return on equity of 18.28%. During the same quarter last year, the business earned $0.15 EPS. As a group, equities research analysts predict that Core Laboratories will post 0.68 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of the company. Swiss National Bank boosted its holdings in shares of Core Laboratories by 6.9% in the first quarter. Swiss National Bank now owns 109,400 shares of the oil and gas company’s stock valued at $3,460,000 after acquiring an additional 7,100 shares during the period. Ingalls & Snyder LLC acquired a new stake in shares of Core Laboratories in the first quarter valued at approximately $316,000. Teacher Retirement System of Texas raised its stake in shares of Core Laboratories by 5.6% during the first quarter. Teacher Retirement System of Texas now owns 9,485 shares of the oil and gas company’s stock worth $300,000 after purchasing an additional 499 shares during the last quarter. IndexIQ Advisors LLC purchased a new stake in shares of Core Laboratories during the first quarter worth approximately $408,000. Finally, Fisher Asset Management LLC raised its stake in shares of Core Laboratories by 3.2% during the first quarter. Fisher Asset Management LLC now owns 863,906 shares of the oil and gas company’s stock worth $27,325,000 after purchasing an additional 26,827 shares during the last quarter. 92.56% of the stock is owned by institutional investors and hedge funds.

Core Laboratories Company Profile (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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