Core Laboratories (NYSE:CLB) Releases Earnings Results

Core Laboratories (NYSE:CLB) issued its quarterly earnings data on Wednesday. The oil and gas company reported $0.13 earnings per share 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 the consensus estimate of $124.47 million. Core Laboratories had a net margin of 8.18% and a return on equity of 15.90%. 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 opened at $17.07 on Friday. The stock has a market capitalization of $799.90 million, a PE ratio of 19.40, a P/E/G ratio of 0.94 and a beta of 2.40. The firm has a 50 day moving average of $16.29 and a two-hundred day moving average of $17.66. Core Laboratories has a 52 week low of $13.82 and a 52 week high of $27.94. The company has a quick ratio of 1.72, a current ratio of 2.53 and a debt-to-equity ratio of 0.71.

Core Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Monday, May 6th will be given a $0.01 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $0.04 annualized dividend and a yield of 0.23%. Core Laboratories’s dividend payout ratio is presently 4.55%.

Institutional Investors Weigh In On Core Laboratories

Institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in Core Laboratories in the third quarter valued at $31,000. GAMMA Investing LLC acquired a new position in Core Laboratories in the fourth quarter valued at $48,000. Quadrant Capital Group LLC increased its stake in Core Laboratories by 84.0% in the fourth quarter. Quadrant Capital Group LLC now owns 3,370 shares of the oil and gas company’s stock valued at $60,000 after purchasing an additional 1,538 shares during the period. CWM LLC increased its stake in Core Laboratories by 1,178.6% in the first quarter. CWM LLC now owns 3,580 shares of the oil and gas company’s stock valued at $61,000 after purchasing an additional 3,300 shares during the period. Finally, Lindbrook Capital LLC increased its stake in Core Laboratories by 19.7% in the first 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 period. 97.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Bank of America cut their target price on shares of Core Laboratories from $17.00 to $16.00 and set an “underperform” rating for the company in a research note on Monday, April 15th. StockNews.com raised shares of Core Laboratories from a “sell” rating to a “hold” rating in a research note on Saturday, January 20th. Finally, Stifel Nicolaus cut their target price on shares of Core Laboratories from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, February 5th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat, Core Laboratories has a consensus rating of “Hold” and an average price target of $18.50.

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.