Zacks Research Equities Analysts Decrease Earnings Estimates for Core Laboratories Inc. (NYSE:CLB)

Core Laboratories Inc. (NYSE:CLB) – Analysts at Zacks Research dropped their Q1 2024 earnings estimates for shares of Core Laboratories in a report issued on Thursday, April 18th. Zacks Research analyst T. Saha now expects that the oil and gas company will post earnings per share of $0.10 for the quarter, down from their previous forecast of $0.12. The consensus estimate for Core Laboratories’ current full-year earnings is $0.81 per share. Zacks Research also issued estimates for Core Laboratories’ FY2024 earnings at $0.76 EPS and Q1 2025 earnings at $0.20 EPS.

Several other brokerages have also recently commented on CLB. Bank of America reduced their target price on Core Laboratories from $17.00 to $16.00 and set an “underperform” rating for the company in a research report on Monday, April 15th. StockNews.com upgraded shares of Core Laboratories from a “sell” rating to a “hold” rating in a research report on Saturday, January 20th. Finally, Stifel Nicolaus lowered their target price on shares of Core Laboratories from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, February 5th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Core Laboratories presently has an average rating of “Hold” and an average price target of $18.50.

Core Laboratories Price Performance

Shares of NYSE:CLB opened at $17.18 on Friday. The firm has a market capitalization of $805.12 million, a PE ratio of 19.98, a PEG ratio of 0.93 and a beta of 2.40. The company has a current ratio of 2.53, a quick ratio of 1.72 and a debt-to-equity ratio of 0.71. Core Laboratories has a 1-year low of $13.82 and a 1-year high of $27.94. The business’s 50 day moving average is $16.11 and its 200-day moving average is $17.82.

Core Laboratories (NYSE:CLB) last released its earnings results on Wednesday, January 31st. The oil and gas company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The firm had revenue of $128.21 million for the quarter, compared to analyst estimates of $127.80 million. Core Laboratories had a return on equity of 15.19% and a net margin of 8.03%. During the same period last year, the business earned $0.23 earnings per share.

Core Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Monday, February 12th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.23%. The ex-dividend date of this dividend was Friday, February 9th. Core Laboratories’s payout ratio is 4.65%.

Institutional Investors Weigh In On Core Laboratories

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Core Laboratories during the third quarter worth approximately $31,000. State of Wyoming increased its holdings in Core Laboratories by 43.1% during the 2nd quarter. State of Wyoming now owns 1,447 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 436 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Core Laboratories by 9,913.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,502 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 1,487 shares in the last quarter. UBS Group AG raised its position in Core Laboratories by 171.6% in the 3rd quarter. UBS Group AG now owns 3,200 shares of the oil and gas company’s stock valued at $43,000 after purchasing an additional 2,022 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new position in Core Laboratories in the fourth quarter worth $48,000. Institutional investors and hedge funds own 97.81% of the company’s stock.

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, 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.