Bank of America Cuts Core Laboratories (NYSE:CLB) Price Target to $16.00

Core Laboratories (NYSE:CLB) had its price objective trimmed by Bank of America from $17.00 to $16.00 in a report issued on Monday morning, Benzinga reports. The firm currently has an underperform rating on the oil and gas company’s stock.

Other analysts have also recently issued research reports about the company. Stifel Nicolaus cut their target price on Core Laboratories from $21.00 to $17.00 and set a hold rating for the company in a research report on Monday, February 5th. StockNews.com upgraded Core Laboratories from a sell rating to a hold rating in a research report on Saturday, January 20th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $18.50.

Core Laboratories Stock Performance

Shares of CLB opened at $16.99 on Monday. The company has a quick ratio of 1.72, a current ratio of 2.53 and a debt-to-equity ratio of 0.71. The business has a 50-day simple moving average of $16.05 and a two-hundred day simple moving average of $17.86. The stock has a market cap of $796.15 million, a price-to-earnings ratio of 19.76, a PEG ratio of 0.96 and a beta of 2.40. Core Laboratories has a 52 week low of $13.82 and a 52 week high of $27.94.

Core Laboratories (NYSE:CLB) last issued its quarterly earnings results on Wednesday, January 31st. The oil and gas company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). Core Laboratories had a return on equity of 15.19% and a net margin of 8.03%. The company had revenue of $128.21 million during the quarter, compared to analysts’ expectations of $127.80 million. During the same quarter in the previous year, the company earned $0.23 EPS. On average, analysts expect that Core Laboratories will post 0.81 EPS for the current year.

Core Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Monday, February 12th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.24%. The ex-dividend date of this dividend was Friday, February 9th. Core Laboratories’s payout ratio is presently 4.65%.

Hedge Funds Weigh In On Core Laboratories

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Core Laboratories in the 3rd quarter valued at approximately $31,000. State of Wyoming lifted its stake in shares of Core Laboratories by 43.1% in the 2nd quarter. State of Wyoming now owns 1,447 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 436 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Core Laboratories by 9,913.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,502 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 1,487 shares during the last quarter. UBS Group AG lifted its stake in shares of Core Laboratories by 171.6% in the 3rd quarter. UBS Group AG now owns 3,200 shares of the oil and gas company’s stock valued at $43,000 after purchasing an additional 2,022 shares during the last quarter. Finally, GAMMA Investing LLC bought a new stake in shares of Core Laboratories in the 4th quarter valued at approximately $48,000. 97.81% of the stock is owned by institutional investors.

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.