Bank of America Trims Core Laboratories (NYSE:CLB) Target Price to $16.00

Core Laboratories (NYSE:CLB) had its price objective cut by Bank of America from $17.00 to $16.00 in a report published on Monday, Benzinga reports. They currently have an underperform rating on the oil and gas company’s stock.

Several other equities analysts have also recently weighed in on the company. Stifel Nicolaus dropped their price objective on Core Laboratories from $21.00 to $17.00 and set a hold rating for the company in a report on Monday, February 5th. StockNews.com raised Core Laboratories from a sell rating to a hold rating in a report on Saturday, January 20th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat, Core Laboratories currently has an average rating of Hold and an average target price of $18.50.

Core Laboratories Stock Performance

CLB opened at $16.71 on Monday. The business has a fifty day simple moving average of $16.01 and a 200 day simple moving average of $17.87. The company has a market capitalization of $783.03 million, a PE ratio of 19.43, a price-to-earnings-growth ratio of 0.54 and a beta of 2.40. Core Laboratories has a 1 year low of $13.82 and a 1 year high of $27.94. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.53 and a quick ratio of 1.72.

Core Laboratories (NYSE:CLB) last released its quarterly earnings results on Wednesday, January 31st. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.01). The firm had revenue of $128.21 million during the quarter, compared to the consensus estimate of $127.80 million. Core Laboratories had a net margin of 8.03% and a return on equity of 15.19%. During the same quarter last year, the firm earned $0.23 earnings per share. Research analysts expect that Core Laboratories will post 0.81 EPS for the current year.

Core Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Monday, February 12th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Friday, February 9th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.24%. Core Laboratories’s dividend payout ratio (DPR) is currently 4.65%.

Hedge Funds Weigh In On Core Laboratories

A number of institutional investors have recently modified their holdings of CLB. Allspring Global Investments Holdings LLC acquired a new position in shares of Core Laboratories during the 3rd quarter worth $31,000. State of Wyoming increased its holdings in Core Laboratories by 43.1% in the 2nd quarter. State of Wyoming now owns 1,447 shares of the oil and gas company’s stock worth $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% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,502 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 1,487 shares in the last quarter. UBS Group AG increased its holdings 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 worth $43,000 after purchasing an additional 2,022 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new position in Core Laboratories in the 4th quarter worth about $48,000. Institutional investors and hedge funds own 97.81% of the company’s stock.

About Core Laboratories

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.