Core Laboratories Inc. (NYSE:CLB) Shares Sold by Confluence Investment Management LLC

Confluence Investment Management LLC cut its stake in shares of Core Laboratories Inc. (NYSE:CLB) by 3.7% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 140,672 shares of the oil and gas company’s stock after selling 5,376 shares during the period. Confluence Investment Management LLC owned approximately 0.30% of Core Laboratories worth $2,854,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CLB. Ballentine Partners LLC acquired a new position in Core Laboratories during the 4th quarter worth approximately $288,000. Louisiana State Employees Retirement System acquired a new position in Core Laboratories during the 4th quarter worth approximately $413,000. Illinois Municipal Retirement Fund raised its position in shares of Core Laboratories by 10.4% in the 4th quarter. Illinois Municipal Retirement Fund now owns 27,921 shares of the oil and gas company’s stock valued at $493,000 after purchasing an additional 2,641 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of Core Laboratories in the 4th quarter valued at approximately $48,000. Finally, State of New Jersey Common Pension Fund D raised its position in shares of Core Laboratories by 33.4% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 138,951 shares of the oil and gas company’s stock valued at $2,454,000 after purchasing an additional 34,765 shares in the last quarter. 97.81% of the stock is owned by institutional investors and hedge funds.

Core Laboratories Stock Performance

Shares of NYSE CLB traded down $1.76 during trading on Friday, reaching $21.48. The stock had a trading volume of 484,719 shares, compared to its average volume of 506,568. Core Laboratories Inc. has a one year low of $13.82 and a one year high of $26.49. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.68 and a current ratio of 2.39. The stock has a market cap of $1.01 billion, a PE ratio of 24.41, a P/E/G ratio of 1.47 and a beta of 2.41. The firm’s 50 day moving average price is $20.40 and its two-hundred day moving average price is $17.71.

Core Laboratories (NYSE:CLB) last issued its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. Core Laboratories had a return on equity of 15.20% and a net margin of 5.44%. The business had revenue of $130.58 million during the quarter, compared to the consensus estimate of $132.85 million. During the same period in the previous year, the business earned $0.23 EPS. The business’s quarterly revenue was up 2.1% on a year-over-year basis. On average, research analysts forecast that Core Laboratories Inc. will post 0.71 earnings per share for the current fiscal year.

Core Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 26th. Stockholders of record on Monday, August 5th will be issued a $0.01 dividend. The ex-dividend date is Monday, August 5th. This represents a $0.04 annualized dividend and a dividend yield of 0.19%. Core Laboratories’s dividend payout ratio (DPR) is 4.55%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. StockNews.com raised Core Laboratories from a “sell” rating to a “hold” rating in a research report on Friday, July 26th. Piper Sandler cut their target price on Core Laboratories from $18.00 to $17.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Bank of America cut their target price on Core Laboratories from $16.00 to $15.00 and set an “underperform” rating on the stock in a research report on Monday, July 15th. Finally, Stifel Nicolaus upped their target price on Core Laboratories from $18.00 to $22.00 and gave the company a “hold” rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $18.50.

Core Laboratories 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.