Carbo Ceramics, Inc. (CRR) Shares Up 6.1%

Carbo Ceramics, Inc. (NYSE:CRR) shares shot up 6.1% during trading on Tuesday . The stock traded as high as $7.87 and last traded at $7.60. 974,480 shares were traded during trading, an increase of 1% from the average session volume of 961,889 shares. The stock had previously closed at $7.16.

Several brokerages have recently commented on CRR. ValuEngine downgraded Carbo Ceramics from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded Carbo Ceramics from a “sell” rating to a “hold” rating in a research note on Tuesday, August 22nd. Morgan Stanley restated an “underweight” rating and issued a $5.00 price target (down from $7.50) on shares of Carbo Ceramics in a research note on Wednesday, June 21st. Piper Jaffray Companies set a $9.00 price target on Carbo Ceramics and gave the company a “hold” rating in a research note on Thursday, July 27th. Finally, Scotiabank set a $12.00 price target on Carbo Ceramics and gave the company a “hold” rating in a research note on Friday, July 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $11.06.

The stock’s market capitalization is $206.32 million. The stock’s 50 day moving average is $6.73 and its 200-day moving average is $8.48.

Carbo Ceramics (NYSE:CRR) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.93) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.07). Carbo Ceramics had a negative net margin of 72.46% and a negative return on equity of 12.72%. The firm had revenue of $43.57 million for the quarter, compared to the consensus estimate of $36.50 million. During the same period last year, the company posted ($0.88) earnings per share. Carbo Ceramics’s revenue for the quarter was up 111.0% on a year-over-year basis. Analysts predict that Carbo Ceramics, Inc. will post ($3.63) earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in CRR. UBS Asset Management Americas Inc. bought a new position in Carbo Ceramics during the second quarter valued at $103,000. Texas Permanent School Fund grew its holdings in Carbo Ceramics by 0.8% during the second quarter. Texas Permanent School Fund now owns 15,456 shares of the oil and gas company’s stock valued at $106,000 after purchasing an additional 128 shares during the period. Creative Planning grew its holdings in Carbo Ceramics by 101.5% during the second quarter. Creative Planning now owns 17,106 shares of the oil and gas company’s stock valued at $117,000 after purchasing an additional 8,618 shares during the period. Public Employees Retirement System of Ohio grew its holdings in Carbo Ceramics by 13.9% during the first quarter. Public Employees Retirement System of Ohio now owns 9,786 shares of the oil and gas company’s stock valued at $128,000 after purchasing an additional 1,196 shares during the period. Finally, Arizona State Retirement System grew its holdings in Carbo Ceramics by 1.8% during the first quarter. Arizona State Retirement System now owns 11,014 shares of the oil and gas company’s stock valued at $144,000 after purchasing an additional 200 shares during the period. 72.86% of the stock is owned by institutional investors and hedge funds.

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Carbo Ceramics Company Profile

CARBO Ceramics Inc is a technology company that provides products and services to the global oil and gas and industrial markets. The Company operates through two segments: Oilfield Technologies and Services, and Environmental Products and Services. The Company’s oilfield technologies and services segment includes the manufacturing and selling of proppant products for use primarily in the hydraulic fracturing of oil and natural gas wells, Fracpro software for the design of fracture treatments, and StrataGen consulting services for the optimizing of well completions.

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