Envestnet Asset Management Inc. Acquires New Position in Core Laboratories Inc. (NYSE:CLB)

Envestnet Asset Management Inc. acquired a new stake in Core Laboratories Inc. (NYSE:CLB) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 235,081 shares of the oil and gas company’s stock, valued at approximately $5,466,000. Envestnet Asset Management Inc. owned 0.50% of Core Laboratories at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Signaturefd LLC grew its holdings in shares of Core Laboratories by 33.1% during the 2nd quarter. Signaturefd LLC now owns 1,590 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 395 shares during the period. California State Teachers Retirement System boosted its position in shares of Core Laboratories by 1.2% during the first quarter. California State Teachers Retirement System now owns 39,608 shares of the oil and gas company’s stock worth $1,253,000 after buying an additional 481 shares during the period. Great West Life Assurance Co. Can boosted its position in shares of Core Laboratories by 1.1% during the first quarter. Great West Life Assurance Co. Can now owns 57,142 shares of the oil and gas company’s stock worth $1,260,000 after buying an additional 626 shares during the period. US Bancorp DE boosted its position in shares of Core Laboratories by 15.3% during the first quarter. US Bancorp DE now owns 5,945 shares of the oil and gas company’s stock worth $188,000 after buying an additional 790 shares during the period. Finally, Graham Capital Management L.P. boosted its position in shares of Core Laboratories by 2.8% during the first quarter. Graham Capital Management L.P. now owns 39,269 shares of the oil and gas company’s stock worth $866,000 after buying an additional 1,078 shares during the period. Hedge funds and other institutional investors own 97.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CLB. StockNews.com upgraded Core Laboratories from a “sell” rating to a “hold” rating in a research report on Saturday. Piper Sandler boosted their price target on shares of Core Laboratories from $19.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, July 31st. TheStreet cut Core Laboratories from a “b-” rating to a “c” rating in a research note on Thursday, November 2nd. Finally, Citigroup decreased their target price on Core Laboratories from $21.00 to $20.00 and set a “sell” rating for the company in a report on Monday, September 18th. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $21.88.

Core Laboratories Stock Performance

NYSE:CLB opened at $18.28 on Monday. The firm has a market capitalization of $854.11 million, a PE ratio of 21.26, a price-to-earnings-growth ratio of 0.67 and a beta of 2.61. The business’s fifty day moving average price is $22.59 and its 200 day moving average price is $23.35. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.71 and a quick ratio of 1.82. Core Laboratories Inc. has a 12 month low of $17.77 and a 12 month high of $27.94.

Core Laboratories (NYSE:CLB) last posted its earnings results on Wednesday, November 1st. The oil and gas company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The company had revenue of $125.30 million during the quarter, compared to analysts’ expectations of $129.81 million. Core Laboratories had a net margin of 8.10% and a return on equity of 16.85%. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same period last year, the business earned $0.18 earnings per share. On average, sell-side analysts anticipate that Core Laboratories Inc. will post 0.58 earnings per share for the current fiscal year.

Core Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 4th. Stockholders of record on Monday, November 13th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, November 10th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.22%. Core Laboratories’s dividend payout ratio (DPR) is presently 4.65%.

Core Laboratories Company Profile

Core Laboratories Inc 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.