Core Laboratories (NYSE:CLB) Shares Down 2.6% – Here’s What Happened

Core Laboratories Inc. (NYSE:CLB) shares traded down 2.6% on Friday . The stock traded as low as $17.16 and last traded at $17.18. 189,113 shares were traded during trading, a decline of 54% from the average session volume of 409,746 shares. The stock had previously closed at $17.63.

Analyst Ratings Changes

CLB has been the subject of several analyst reports. StockNews.com raised Core Laboratories from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. Citigroup decreased their price target on Core Laboratories from $15.00 to $14.00 and set a “sell” rating for the company in a report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat.com, Core Laboratories has an average rating of “Hold” and a consensus target price of $17.00.

Core Laboratories Stock Performance

The company has a quick ratio of 1.79, a current ratio of 2.48 and a debt-to-equity ratio of 0.55. The firm has a market cap of $791.11 million, a price-to-earnings ratio of 25.92, a P/E/G ratio of 1.36 and a beta of 2.35. The business’s 50-day simple moving average is $19.57 and its two-hundred day simple moving average is $19.67.

Core Laboratories (NYSE:CLB) last released its quarterly earnings results on Wednesday, October 23rd. The oil and gas company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.04. Core Laboratories had a return on equity of 15.84% and a net margin of 5.83%. The company had revenue of $134.40 million during the quarter, compared to analysts’ expectations of $134.16 million. During the same quarter in the prior year, the firm posted $0.22 EPS. Core Laboratories’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, sell-side analysts expect that Core Laboratories Inc. will post 0.8 earnings per share for the current fiscal year.

Core Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 4th were paid a $0.01 dividend. The ex-dividend date was Monday, November 4th. This represents a $0.04 dividend on an annualized basis and a yield of 0.24%. Core Laboratories’s dividend payout ratio is currently 6.15%.

Hedge Funds Weigh In On Core Laboratories

Large investors have recently added to or reduced their stakes in the stock. Disciplined Growth Investors Inc. MN increased its stake in shares of Core Laboratories by 26.7% during the third quarter. Disciplined Growth Investors Inc. MN now owns 5,653,591 shares of the oil and gas company’s stock worth $104,761,000 after purchasing an additional 1,192,871 shares in the last quarter. Earnest Partners LLC boosted its holdings in 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 last quarter. State Street Corp increased its stake in Core Laboratories by 2.9% during the 3rd quarter. State Street Corp now owns 1,975,016 shares of the oil and gas company’s stock worth $36,597,000 after buying an additional 56,187 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Core Laboratories by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,053,204 shares of the oil and gas company’s stock valued at $19,521,000 after acquiring an additional 7,721 shares during the last quarter. Finally, Royce & Associates LP lifted its position in shares of Core Laboratories by 9.0% in the third quarter. Royce & Associates LP now owns 1,021,121 shares of the oil and gas company’s stock valued at $18,921,000 after acquiring an additional 84,022 shares in the last quarter. 97.81% of the stock is currently owned by institutional investors and hedge funds.

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.