CARBO Ceramics Inc. (NYSE:CRR)’s share price fell 47.4% on Monday following a weaker than expected earnings announcement. The company traded as low as $0.82 and last traded at $0.82, 2,175,285 shares changed hands during mid-day trading. An increase of 459% from the average session volume of 389,328 shares. The stock had previously closed at $1.56.
The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by ($0.53). CARBO Ceramics had a negative return on equity of 21.61% and a negative net margin of 37.95%. The firm had revenue of $43.50 million during the quarter, compared to the consensus estimate of $45.88 million. During the same quarter in the previous year, the company earned ($0.62) EPS. The business’s revenue was down 19.1% compared to the same quarter last year.
Several equities analysts recently weighed in on CRR shares. Zacks Investment Research upgraded shares of CARBO Ceramics from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. ValuEngine upgraded shares of CARBO Ceramics from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Piper Jaffray Companies set a $1.00 price target on shares of CARBO Ceramics and gave the company a “hold” rating in a research report on Friday, July 26th.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its holdings in CARBO Ceramics by 266.4% during the third quarter. Tower Research Capital LLC TRC now owns 10,333 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 7,513 shares during the last quarter. Greatmark Investment Partners Inc. lifted its holdings in shares of CARBO Ceramics by 109.9% in the third quarter. Greatmark Investment Partners Inc. now owns 30,125 shares of the oil and gas company’s stock worth $72,000 after buying an additional 15,775 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of CARBO Ceramics in the second quarter worth about $135,000. Citadel Advisors LLC lifted its holdings in shares of CARBO Ceramics by 75.0% in the second quarter. Citadel Advisors LLC now owns 102,050 shares of the oil and gas company’s stock worth $138,000 after buying an additional 43,747 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its holdings in shares of CARBO Ceramics by 1.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,022,932 shares of the oil and gas company’s stock worth $1,381,000 after buying an additional 17,184 shares in the last quarter. 57.20% of the stock is currently owned by institutional investors and hedge funds.
The stock has a market capitalization of $44.36 million, a PE ratio of -0.31 and a beta of 1.63. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.21 and a quick ratio of 1.78. The business’s fifty day moving average price is $2.01 and its 200-day moving average price is $1.74.
About CARBO Ceramics (NYSE:CRR)
CARBO Ceramics Inc, a technology company, provides products and services to the oil and gas, industrial, and environmental markets worldwide. It operates through two segments, Oilfield and Industrial Technologies and Services, and Environmental Technologies and Services. The Oilfield and Industrial Technologies and Services segment manufactures and sells oilfield ceramic technology products, base ceramic proppants, and frac sand proppants to pressure pumping companies, and oil and gas operators for use in the hydraulic fracturing of natural gas and oil wells.
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