Core Laboratories (NYSE:CLB) Price Target Cut to $17.00

Core Laboratories (NYSE:CLB) had its price target decreased by Piper Sandler from $18.00 to $17.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas company’s stock. Piper Sandler’s price target would suggest a potential downside of 28.48% from the stock’s previous close.

CLB has been the topic of several other research reports. StockNews.com downgraded Core Laboratories from a “hold” rating to a “sell” rating in a report on Wednesday, July 10th. Stifel Nicolaus upped their target price on Core Laboratories from $17.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, April 26th. Finally, Bank of America decreased their target price on Core Laboratories from $17.00 to $16.00 and set an “underperform” rating for the company in a research report on Monday, April 15th. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $17.50.

Core Laboratories Price Performance

Core Laboratories stock opened at $23.77 on Monday. Core Laboratories has a 12-month low of $13.82 and a 12-month high of $27.94. The stock has a market capitalization of $1.11 billion, a P/E ratio of 27.01, a P/E/G ratio of 1.37 and a beta of 2.41. The firm’s 50-day moving average is $18.96 and its two-hundred day moving average is $17.11. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.68 and a quick ratio of 1.85.

Core Laboratories (NYSE:CLB) last released its earnings results on Wednesday, April 24th. The oil and gas company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Core Laboratories had a net margin of 8.18% and a return on equity of 15.71%. The business had revenue of $129.64 million for the quarter, compared to analysts’ expectations of $124.47 million. Equities analysts predict that Core Laboratories will post 0.73 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ariel Investments LLC raised its position in Core Laboratories by 20.4% in the first 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 last quarter. Congress Asset Management Co. MA raised its position in shares of Core Laboratories by 17.6% during the first quarter. Congress Asset Management Co. MA now owns 1,606,745 shares of the oil and gas company’s stock worth $27,443,000 after acquiring an additional 240,989 shares during the last quarter. Gendell Jeffrey L raised its position in shares of Core Laboratories by 101.7% during the first quarter. Gendell Jeffrey L now owns 326,890 shares of the oil and gas company’s stock worth $5,583,000 after acquiring an additional 164,797 shares during the last quarter. Confluence Investment Management LLC bought a new position in shares of Core Laboratories during the first quarter worth about $2,495,000. Finally, Wintrust Investments LLC raised its position in shares of Core Laboratories by 52.7% during the first quarter. Wintrust Investments LLC now owns 420,411 shares of the oil and gas company’s stock worth $7,181,000 after acquiring an additional 145,161 shares during the last quarter. 97.81% of the stock is 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.