Carbo Ceramics Inc. (NYSE:CRR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “CARBO Ceramics Inc. is the world’s largest producer and supplier of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells. Demand for ceramic proppants depends primarily upon the demand for natural gas and oil and on the number of natural gas and oil wells drilled, completed or recompleted worldwide. More specifically, the demand for ceramic proppants is dependent on the number of oil and gas wells that are hydraulically fractured to stimulate production. “
Other equities research analysts have also recently issued research reports about the stock. Goldman Sachs Group Inc. reiterated a “sell” rating and set a $8.00 target price on shares of Carbo Ceramics in a research report on Wednesday, June 15th. Scotiabank restated a “sector perform” rating and issued a $15.00 price objective (down previously from $18.00) on shares of Carbo Ceramics in a research report on Tuesday, June 7th. Finally, Howard Weil lowered their price objective on shares of Carbo Ceramics from $18.00 to $15.00 and set a “sector perform” rating for the company in a research report on Tuesday, June 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $16.53.
Shares of Carbo Ceramics (NYSE:CRR) opened at 11.64 on Monday. The firm’s market cap is $273.52 million. The stock’s 50 day moving average is $12.22 and its 200-day moving average is $13.25. Carbo Ceramics has a 12-month low of $9.48 and a 12-month high of $25.62.
Carbo Ceramics (NYSE:CRR) last announced its earnings results on Thursday, July 28th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.01. The business earned $20.70 million during the quarter, compared to analysts’ expectations of $24.70 million. Carbo Ceramics had a negative net margin of 58.46% and a negative return on equity of 7.16%. The firm’s revenue for the quarter was down 71.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.41) EPS. On average, analysts anticipate that Carbo Ceramics will post ($3.24) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Group LTD raised its position in shares of Carbo Ceramics by 176.2% in the first quarter. BlackRock Group LTD now owns 148,825 shares of the company’s stock valued at $2,113,000 after buying an additional 94,945 shares during the period. BlackRock Fund Advisors raised its position in Carbo Ceramics by 0.8% in the first quarter. BlackRock Fund Advisors now owns 1,326,655 shares of the company’s stock valued at $18,839,000 after buying an additional 9,947 shares during the last quarter. BlackRock Inc. raised its position in Carbo Ceramics by 343.9% in the first quarter. BlackRock Inc. now owns 66,347 shares of the company’s stock valued at $942,000 after buying an additional 51,399 shares during the last quarter. Moors & Cabot Inc. raised its position in Carbo Ceramics by 116.7% in the second quarter. Moors & Cabot Inc. now owns 49,725 shares of the company’s stock valued at $660,000 after buying an additional 26,775 shares during the last quarter. Finally, Southernsun Asset Management LLC raised its position in Carbo Ceramics by 0.5% in the first quarter. Southernsun Asset Management LLC now owns 1,738,593 shares of the company’s stock valued at $24,688,000 after buying an additional 8,505 shares during the last quarter. 92.38% of the stock is currently owned by institutional investors.
About Carbo Ceramics
Carbo Ceramics Inc is an oilfield services technology company. The Company supplies ceramic proppant. The Company also sells sand and resin-coated proppants. Additionally, it provides fracture simulation software, fracture design and consulting services, and a range of technologies for spill prevention, containment and related countermeasures.
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