Core Laboratories (NYSE:CLB) Releases Earnings Results

Core Laboratories (NYSE:CLB) posted its earnings results on Wednesday. The oil and gas company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02, reports. The business had revenue of $129.64 million during the quarter, compared to analyst estimates of $124.47 million. Core Laboratories had a return on equity of 15.71% and a net margin of 8.18%. Core Laboratories updated its Q2 guidance to $0.19-0.23 EPS and its Q2 2024 guidance to 0.190-0.230 EPS.

Core Laboratories Stock Performance

Shares of CLB stock traded down $0.13 during trading hours on Friday, reaching $16.94. 522,902 shares of the company traded hands, compared to its average volume of 375,300. The firm has a 50-day moving average price of $16.34 and a 200 day moving average price of $17.62. The company has a market cap of $793.81 million, a P/E ratio of 19.25, a P/E/G ratio of 0.97 and a beta of 2.40. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.68 and a quick ratio of 1.72. Core Laboratories has a 12-month low of $13.82 and a 12-month high of $27.94.

Core Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 28th. Investors of record on Monday, May 6th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.24%. The ex-dividend date of this dividend is Friday, May 3rd. Core Laboratories’s payout ratio is currently 4.55%.

Institutional Trading of Core Laboratories

A number of hedge funds and other institutional investors have recently modified their holdings of CLB. Lindbrook Capital LLC boosted its position in shares of Core Laboratories by 19.7% during the first quarter. Lindbrook Capital LLC now owns 3,713 shares of the oil and gas company’s stock worth $63,000 after acquiring an additional 612 shares during the last quarter. Morningstar Investment Services LLC lifted its holdings in shares of Core Laboratories by 6.0% in the 3rd quarter. Morningstar Investment Services LLC now owns 13,570 shares of the oil and gas company’s stock worth $333,000 after acquiring an additional 764 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Core Laboratories by 31.6% in the 1st quarter. GAMMA Investing LLC now owns 3,570 shares of the oil and gas company’s stock worth $61,000 after acquiring an additional 857 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Core Laboratories by 1.0% in the 3rd quarter. Swiss National Bank now owns 102,500 shares of the oil and gas company’s stock worth $2,461,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Core Laboratories in the 3rd quarter worth about $31,000. 97.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on CLB. Stifel Nicolaus lifted their target price on Core Laboratories from $17.00 to $18.00 and gave the stock a “hold” rating in a report on Friday. StockNews.com raised Core Laboratories from a “sell” rating to a “hold” rating in a report on Saturday, January 20th. Finally, Bank of America cut their price objective on Core Laboratories from $17.00 to $16.00 and set an “underperform” rating for the company in a report on Monday, April 15th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $18.75.

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.