Q2 2024 Earnings Forecast for Core Laboratories Inc. (NYSE:CLB) Issued By Zacks Research

Core Laboratories Inc. (NYSE:CLB) – Research analysts at Zacks Research reduced their Q2 2024 earnings estimates for Core Laboratories in a research note issued to investors on Tuesday, July 16th. Zacks Research analyst T. Saha now forecasts that the oil and gas company will earn $0.16 per share for the quarter, down from their previous forecast of $0.18. The consensus estimate for Core Laboratories’ current full-year earnings is $0.71 per share. Zacks Research also issued estimates for Core Laboratories’ Q4 2024 earnings at $0.22 EPS, Q1 2025 earnings at $0.19 EPS, Q2 2025 earnings at $0.27 EPS, Q1 2026 earnings at $0.26 EPS and Q2 2026 earnings at $0.27 EPS.

Core Laboratories (NYSE:CLB) last released its quarterly earnings results on Wednesday, April 24th. The oil and gas company reported $0.13 earnings per share for the quarter, beating 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 company had revenue of $129.64 million during the quarter, compared to analysts’ expectations of $124.47 million.

CLB has been the subject of a number of other research reports. Stifel Nicolaus increased their price target on shares of Core Laboratories from $17.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, April 26th. StockNews.com cut shares of Core Laboratories from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Piper Sandler dropped their target price on shares of Core Laboratories from $18.00 to $17.00 and set a “neutral” rating for the company in a research report on Monday. Finally, Bank of America dropped their target price on shares of Core Laboratories from $16.00 to $15.00 and set an “underperform” rating for the company in a research report on Monday. Three research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $17.50.

Core Laboratories Stock Performance

Shares of CLB opened at $24.02 on Thursday. Core Laboratories has a 12 month low of $13.82 and a 12 month high of $27.94. The firm has a fifty day simple moving average of $19.12 and a 200 day simple moving average of $17.15. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of 27.30, a PEG ratio of 1.50 and a beta of 2.41. The company has a current ratio of 2.68, a quick ratio of 1.85 and a debt-to-equity ratio of 0.68.

Institutional Investors Weigh In On Core Laboratories

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Lindbrook Capital LLC grew its holdings in shares of Core Laboratories by 19.7% during the 1st quarter. Lindbrook Capital LLC now owns 3,713 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 612 shares during the last quarter. Platinum Investment Management Ltd. raised its holdings in Core Laboratories by 13.9% during the first quarter. Platinum Investment Management Ltd. now owns 6,351 shares of the oil and gas company’s stock worth $108,000 after buying an additional 774 shares during the last quarter. GAMMA Investing LLC raised its holdings in Core Laboratories by 23.9% during the second quarter. GAMMA Investing LLC now owns 4,425 shares of the oil and gas company’s stock worth $90,000 after buying an additional 855 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Core Laboratories by 2.2% during the first quarter. Oppenheimer Asset Management Inc. now owns 53,552 shares of the oil and gas company’s stock worth $915,000 after buying an additional 1,129 shares during the last quarter. Finally, Partnership Wealth Management LLC raised its holdings in Core Laboratories by 1.1% during the first quarter. Partnership Wealth Management LLC now owns 125,750 shares of the oil and gas company’s stock worth $2,148,000 after buying an additional 1,371 shares during the last quarter. 97.81% of the stock is owned by institutional investors.

Core Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 28th. Investors of record on Monday, May 6th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.17%. The ex-dividend date was Friday, May 3rd. Core Laboratories’s dividend payout ratio (DPR) is presently 4.55%.

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.