Core Laboratories (CLB) Upgraded to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Core Laboratories (NYSE:CLB) from a sell rating to a hold rating in a research report sent to investors on Friday morning.

According to Zacks, “Core Laboratories' technology-heavy portfolio of proprietary products and services gives it the opportunity to optimize production from new and existing fields. Furthermore, the company's low asset intensive operations and limited capital expenditure needs allow it to generate substantial free cash flows, the bulk of which it returns to investors via dividends and stock buybacks. With energy companies looking to utilize every dollar that they spend, Core Labs' services have become even more important for energy companies. However, deferred international activities, especially in the Middle East and Asia-Pacific regions, have been impacting revenues in the Reservoir Description unit. To make things worse, the company anticipates sluggishness in the overseas segment to continue in the third quarter as well. The interplay of all these factors forms the basis of the cautious stance on the prospects of the stock.”

Other equities analysts have also recently issued research reports about the stock. ValuEngine upgraded shares of Core Laboratories from a hold rating to a buy rating in a research note on Tuesday, September 4th. ABN Amro cut shares of Core Laboratories from a hold rating to a sell rating in a research note on Monday, July 2nd. Piper Jaffray Companies restated a hold rating and set a $96.00 target price on shares of Core Laboratories in a research note on Friday, July 27th. Citigroup upgraded shares of Core Laboratories from a sell rating to a neutral rating and set a $117.00 target price on the stock in a research note on Monday, August 13th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Core Laboratories from $121.00 to $118.00 and set an overweight rating on the stock in a research note on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $115.15.

CLB traded down $1.05 during midday trading on Friday, hitting $107.25. 477,343 shares of the company traded hands, compared to its average volume of 416,688. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.85 and a current ratio of 2.24. The stock has a market capitalization of $5.12 billion, a P/E ratio of 53.63, a P/E/G ratio of 3.96 and a beta of 1.46. Core Laboratories has a 52 week low of $87.66 and a 52 week high of $130.34.

Core Laboratories (NYSE:CLB) last posted its earnings results on Wednesday, July 25th. The oil and gas company reported $0.59 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.59. The business had revenue of $175.48 million for the quarter, compared to analysts’ expectations of $174.47 million. Core Laboratories had a net margin of 13.32% and a return on equity of 64.13%. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.51 EPS. Research analysts forecast that Core Laboratories will post 2.44 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 20th. Stockholders of record on Friday, October 19th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Thursday, October 18th. Core Laboratories’s dividend payout ratio (DPR) is presently 110.00%.

Several large investors have recently modified their holdings of CLB. Signaturefd LLC increased its holdings in Core Laboratories by 403.7% in the 2nd quarter. Signaturefd LLC now owns 811 shares of the oil and gas company’s stock worth $102,000 after acquiring an additional 650 shares in the last quarter. WMS Partners LLC purchased a new stake in Core Laboratories during the 2nd quarter valued at approximately $202,000. World Asset Management Inc purchased a new stake in Core Laboratories during the 2nd quarter valued at approximately $205,000. Ingalls & Snyder LLC purchased a new stake in Core Laboratories during the 2nd quarter valued at approximately $225,000. Finally, Creative Planning purchased a new stake in Core Laboratories during the 2nd quarter valued at approximately $226,000.

About Core Laboratories

Core Laboratories N.V. provides reservoir description, and production enhancement services and products to the oil and gas industry in the United States, Canada, and internationally. It operates in two segments, Reservoir Description and Production Enhancement segments. The Reservoir Description segment comprises the characterization of petroleum reservoir rock, fluid, and gas samples to enhance production and improve recovery of oil and gas from its clients' reservoirs.

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