Comerica Bank Increases Stake in Core Laboratories (NYSE:CLB)

Comerica Bank boosted its stake in Core Laboratories (NYSE:CLBGet Rating) by 8.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,677 shares of the oil and gas company’s stock after purchasing an additional 3,300 shares during the period. Comerica Bank’s holdings in Core Laboratories were worth $1,315,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of CLB. Ariel Investments LLC increased its stake in Core Laboratories by 83.2% in the 4th quarter. Ariel Investments LLC now owns 7,804,307 shares of the oil and gas company’s stock worth $174,114,000 after purchasing an additional 3,544,659 shares during the period. Marshall Wace LLP increased its stake in Core Laboratories by 382.2% in the 4th quarter. Marshall Wace LLP now owns 835,491 shares of the oil and gas company’s stock worth $18,638,000 after purchasing an additional 662,216 shares during the period. Congress Asset Management Co. MA purchased a new position in Core Laboratories in the 1st quarter worth approximately $13,499,000. Disciplined Growth Investors Inc. MN increased its stake in Core Laboratories by 67.2% in the 4th quarter. Disciplined Growth Investors Inc. MN now owns 805,546 shares of the oil and gas company’s stock worth $17,972,000 after purchasing an additional 323,871 shares during the period. Finally, Fisher Asset Management LLC increased its stake in Core Laboratories by 40.4% in the 4th quarter. Fisher Asset Management LLC now owns 837,079 shares of the oil and gas company’s stock worth $18,675,000 after purchasing an additional 240,721 shares during the period. 92.56% of the stock is owned by hedge funds and other institutional investors.

Core Laboratories Stock Down 3.3 %

Shares of NYSE:CLB opened at $17.28 on Wednesday. The stock has a fifty day simple moving average of $22.03 and a two-hundred day simple moving average of $26.16. The stock has a market capitalization of $800.20 million, a price-to-earnings ratio of 82.29 and a beta of 2.74. Core Laboratories has a 12-month low of $15.21 and a 12-month high of $35.97. The company has a current ratio of 2.03, a quick ratio of 1.54 and a debt-to-equity ratio of 1.14.

Core Laboratories (NYSE:CLBGet Rating) last posted its quarterly earnings results on Wednesday, April 27th. The oil and gas company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. Core Laboratories had a return on equity of 18.28% and a net margin of 2.04%. The firm had revenue of $115.30 million during the quarter, compared to analysts’ expectations of $111.63 million. During the same quarter in the previous year, the business earned $0.15 earnings per share. On average, research analysts anticipate that Core Laboratories will post 0.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CLB. Stifel Nicolaus cut their price objective on Core Laboratories from $26.00 to $20.00 in a research report on Tuesday. Morgan Stanley cut their price objective on Core Laboratories from $32.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 13th. Piper Sandler lowered Core Laboratories from a “neutral” rating to an “underweight” rating and lifted their price objective for the stock from $19.50 to $21.30 in a research report on Monday, April 18th. Finally, StockNews.com upgraded Core Laboratories from a “sell” rating to a “hold” rating in a research report on Wednesday, May 11th.

Core Laboratories Profile

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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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Institutional Ownership by Quarter for Core Laboratories (NYSE:CLB)

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