Core Laboratories (NYSE:CLB) Price Target Cut to $51.00 by Analysts at Citigroup

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Core Laboratories (NYSE:CLB) had its price objective cut by Citigroup from $54.00 to $51.00 in a research report sent to investors on Wednesday, BenzingaRatingsTable reports. They currently have a neutral rating on the oil and gas company’s stock.

Several other equities analysts have also recently commented on CLB. Royal Bank of Canada set a $77.00 target price on Core Laboratories and gave the stock a buy rating in a research report on Wednesday, June 26th. Piper Jaffray Companies set a $52.00 target price on Core Laboratories and gave the stock a hold rating in a research report on Wednesday, June 26th. Morgan Stanley reduced their target price on Core Laboratories from $75.00 to $70.00 and set an equal weight rating for the company in a research report on Friday, July 12th. Bank of America upgraded Core Laboratories from a neutral rating to a buy rating and set a $63.00 target price for the company in a research report on Wednesday, July 10th. Finally, ValuEngine cut Core Laboratories from a sell rating to a strong sell rating in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. Core Laboratories has an average rating of Hold and a consensus price target of $74.42.

Core Laboratories stock opened at $46.91 on Wednesday. Core Laboratories has a 52 week low of $36.61 and a 52 week high of $122.11. The business has a 50-day simple moving average of $42.43 and a 200 day simple moving average of $55.57. The company has a quick ratio of 1.41, a current ratio of 1.80 and a debt-to-equity ratio of 1.83. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 23.26, a PEG ratio of 5.03 and a beta of 1.95.

Core Laboratories (NYSE:CLB) last posted its earnings results on Wednesday, July 24th. The oil and gas company reported $0.46 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.46. Core Laboratories had a return on equity of 51.19% and a net margin of 14.30%. The business had revenue of $169.04 million during the quarter, compared to analysts’ expectations of $173.46 million. During the same period in the previous year, the business earned $0.59 earnings per share. The firm’s revenue was down 3.7% on a year-over-year basis. On average, research analysts anticipate that Core Laboratories will post 1.75 earnings per share for the current year.

In other news, Director Gregory Barry Barnett purchased 1,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was purchased at an average price of $40.00 per share, with a total value of $40,000.00. Following the completion of the purchase, the director now directly owns 11,000 shares in the company, valued at approximately $440,000. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.00% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Van ECK Associates Corp lifted its stake in shares of Core Laboratories by 129.5% in the 2nd quarter. Van ECK Associates Corp now owns 1,272,774 shares of the oil and gas company’s stock valued at $66,541,000 after acquiring an additional 718,280 shares during the last quarter. Manning & Napier Group LLC lifted its stake in shares of Core Laboratories by 2,062.3% in the 2nd quarter. Manning & Napier Group LLC now owns 720,686 shares of the oil and gas company’s stock valued at $37,675,000 after acquiring an additional 687,356 shares during the last quarter. Earnest Partners LLC lifted its stake in shares of Core Laboratories by 19.5% in the 2nd quarter. Earnest Partners LLC now owns 2,308,539 shares of the oil and gas company’s stock valued at $120,690,000 after acquiring an additional 377,223 shares during the last quarter. Granite Investment Partners LLC bought a new stake in shares of Core Laboratories in the 2nd quarter valued at about $13,923,000. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Core Laboratories by 12.3% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,553,960 shares of the oil and gas company’s stock valued at $107,115,000 after acquiring an additional 170,124 shares during the last quarter.

About Core Laboratories

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. The company operates in two segments, Reservoir Description and Production Enhancement segments. The Reservoir Description segment includes the characterization of petroleum reservoir rock, fluid, and gas samples to enhance production and improve recovery of oil and gas from its clients' reservoirs.

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