Core Laboratories (NYSE:CLB) Upgraded at Bank of America

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Bank of America upgraded shares of Core Laboratories (NYSE:CLB) from a neutral rating to a buy rating in a research note published on Wednesday morning, 24/7 WallStreet reports. Bank of America currently has $63.00 price objective on the oil and gas company’s stock.

CLB has been the subject of several other research reports. Stifel Nicolaus restated a buy rating and set a $170.00 target price on shares of Spotify in a research note on Friday, April 26th. Royal Bank of Canada restated an underperform rating and set a GBX 215 ($2.81) target price on shares of in a research note on Wednesday, June 26th. Zacks Investment Research cut Heritage Insurance from a hold rating to a strong sell rating in a research note on Friday, April 26th. Finally, Piper Jaffray Companies set a $52.00 target price on Core Laboratories and gave the stock a hold rating in a research note on Wednesday, June 26th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $75.67.

Shares of CLB opened at $54.37 on Wednesday. The firm has a 50-day moving average of $51.01. The stock has a market cap of $2.41 billion, a PE ratio of 25.29, a PEG ratio of 2.93 and a beta of 1.93. Core Laboratories has a 1 year low of $46.32 and a 1 year high of $122.11. The company has a quick ratio of 1.45, a current ratio of 1.84 and a debt-to-equity ratio of 1.92.

Core Laboratories (NYSE:CLB) last posted its earnings results on Wednesday, April 24th. The oil and gas company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.01. The firm had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $166.79 million. Core Laboratories had a return on equity of 57.13% and a net margin of 13.79%. The firm’s revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 earnings per share. Research analysts forecast that Core Laboratories will post 1.92 EPS for the current fiscal year.

The company also recently disclosed a dividend, which will be paid on Monday, August 12th. Shareholders of record on Monday, July 22nd will be paid a $0.55 dividend. The ex-dividend date is Friday, July 19th. Core Laboratories’s dividend payout ratio is currently 96.49%.

A number of hedge funds and other institutional investors have recently modified their holdings of CLB. Millennium Management LLC lifted its stake in Core Laboratories by 277.4% in the fourth quarter. Millennium Management LLC now owns 797,161 shares of the oil and gas company’s stock valued at $47,559,000 after buying an additional 585,945 shares during the last quarter. Norges Bank acquired a new position in shares of Core Laboratories in the fourth quarter valued at approximately $26,251,000. Deutsche Bank AG increased its holdings in shares of Core Laboratories by 1,200.7% in the fourth quarter. Deutsche Bank AG now owns 279,876 shares of the oil and gas company’s stock valued at $16,695,000 after purchasing an additional 258,359 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Core Laboratories by 12.3% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,553,960 shares of the oil and gas company’s stock valued at $107,115,000 after purchasing an additional 170,124 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Core Laboratories by 32.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 397,850 shares of the oil and gas company’s stock valued at $23,736,000 after purchasing an additional 98,124 shares during the period.

Core Laboratories Company Profile

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. The company operates in two segments, Reservoir Description and Production Enhancement segments. The Reservoir Description segment includes 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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Analyst Recommendations for Core Laboratories (NYSE:CLB)

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