Confluence Investment Management LLC Sells 4,912 Shares of Core Laboratories Inc. (NYSE:CLB)

Confluence Investment Management LLC cut its stake in Core Laboratories Inc. (NYSE:CLB) by 3.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 135,760 shares of the oil and gas company’s stock after selling 4,912 shares during the period. Confluence Investment Management LLC’s holdings in Core Laboratories were worth $2,516,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Ariel Investments LLC lifted its stake in shares of Core Laboratories by 20.4% in the 1st quarter. Ariel Investments LLC now owns 10,825,657 shares of the oil and gas company’s stock valued at $184,902,000 after purchasing an additional 1,837,258 shares during the period. Vanguard Group Inc. lifted its position in Core Laboratories by 0.5% during the first quarter. Vanguard Group Inc. now owns 5,392,034 shares of the oil and gas company’s stock valued at $92,096,000 after buying an additional 27,701 shares during the period. Disciplined Growth Investors Inc. MN lifted its position in Core Laboratories by 446.8% during the second quarter. Disciplined Growth Investors Inc. MN now owns 4,460,720 shares of the oil and gas company’s stock valued at $90,508,000 after buying an additional 3,644,963 shares during the period. Earnest Partners LLC grew its position in shares of Core Laboratories by 6.3% in the 2nd quarter. Earnest Partners LLC now owns 3,286,438 shares of the oil and gas company’s stock worth $66,682,000 after buying an additional 195,756 shares during the period. Finally, Boston Trust Walden Corp grew its position in shares of Core Laboratories by 1.3% in the 2nd quarter. Boston Trust Walden Corp now owns 729,760 shares of the oil and gas company’s stock worth $14,807,000 after buying an additional 9,468 shares during the period. 97.81% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of Core Laboratories from $18.00 to $22.00 and gave the stock a “hold” rating in a research note on Friday, July 26th. Bank of America dropped their price target 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. StockNews.com raised Core Laboratories from a “sell” rating to a “hold” rating in a research report on Thursday. Piper Sandler lowered their price objective on Core Laboratories from $18.00 to $17.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Finally, Citigroup cut their target price on Core Laboratories from $15.00 to $14.00 and set a “sell” rating on the stock in a research note on Thursday, October 31st. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.00.

Core Laboratories Stock Performance

CLB stock opened at $20.74 on Friday. The stock’s 50 day simple moving average is $18.73 and its 200 day simple moving average is $19.14. The company has a current ratio of 2.48, a quick ratio of 1.79 and a debt-to-equity ratio of 0.55. Core Laboratories Inc. has a 12-month low of $13.82 and a 12-month high of $25.13. The stock has a market capitalization of $973.74 million, a PE ratio of 31.91, a price-to-earnings-growth ratio of 1.35 and a beta of 2.35.

Core Laboratories (NYSE:CLB) last released its quarterly earnings data on Wednesday, October 23rd. The oil and gas company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.21 by $0.04. The company had revenue of $134.40 million for the quarter, compared to analysts’ expectations of $134.16 million. Core Laboratories had a return on equity of 15.84% and a net margin of 5.83%. Core Laboratories’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted $0.22 earnings per share. As a group, research analysts forecast that Core Laboratories Inc. will post 0.77 earnings per share for the current fiscal year.

Core Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Monday, November 4th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.19%. The ex-dividend date is Monday, November 4th. Core Laboratories’s dividend payout ratio is currently 6.15%.

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.