Core Laboratories (NYSE:CLB) Shares Gap Up After Strong Earnings

Core Laboratories Inc. (NYSE:CLB) shares gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $16.53, but opened at $17.84. Core Laboratories shares last traded at $17.40, with a volume of 190,932 shares.

The oil and gas company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Core Laboratories had a return on equity of 15.19% and a net margin of 8.03%. The business had revenue of $129.64 million during the quarter, compared to analysts’ expectations of $124.47 million.

Core Laboratories Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on CLB shares. StockNews.com raised shares of Core Laboratories from a “sell” rating to a “hold” rating in a research note on Saturday, January 20th. Bank of America cut their price target on Core Laboratories from $17.00 to $16.00 and set an “underperform” rating for the company in a research note on Monday, April 15th. Finally, Stifel Nicolaus lowered their price objective on Core Laboratories from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, February 5th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $18.50.

Institutional Trading of Core Laboratories

Several hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in shares of Core Laboratories in the third quarter worth about $525,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Core Laboratories by 31.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,787 shares of the oil and gas company’s stock worth $259,000 after acquiring an additional 2,566 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Core Laboratories during the 3rd quarter valued at approximately $31,000. Congress Wealth Management LLC DE grew its holdings in shares of Core Laboratories by 8.7% in the third quarter. Congress Wealth Management LLC DE now owns 153,146 shares of the oil and gas company’s stock valued at $3,677,000 after purchasing an additional 12,264 shares in the last quarter. Finally, Congress Asset Management Co. MA increased its position in Core Laboratories by 15.9% in the third quarter. Congress Asset Management Co. MA now owns 1,124,863 shares of the oil and gas company’s stock worth $27,008,000 after purchasing an additional 154,608 shares during the last quarter. Hedge funds and other institutional investors own 97.81% of the company’s stock.

Core Laboratories Trading Up 3.3 %

The company has a quick ratio of 1.72, a current ratio of 2.53 and a debt-to-equity ratio of 0.71. The stock’s 50 day moving average is $16.29 and its 200-day moving average is $17.66. The company has a market cap of $799.90 million, a PE ratio of 19.85, a P/E/G ratio of 0.96 and a beta of 2.40.

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.