Core Laboratories (NYSE:CLB – Get Rating) issued an update on its fourth quarter 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.17-$0.21 for the period, compared to the consensus earnings per share estimate of $0.17. The company issued revenue guidance of $126.00 million-$131.00 million, compared to the consensus revenue estimate of $129.98 million.
Core Laboratories Stock Up 1.2 %
CLB stock opened at $19.70 on Wednesday. The company has a quick ratio of 1.61, a current ratio of 2.23 and a debt-to-equity ratio of 1.00. Core Laboratories has a fifty-two week low of $13.19 and a fifty-two week high of $35.83. The firm’s 50-day simple moving average is $16.79 and its 200 day simple moving average is $20.32. The stock has a market cap of $912.70 million, a PE ratio of 59.70, a price-to-earnings-growth ratio of 1.24 and a beta of 2.51.
Core Laboratories Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 28th. Investors of record on Monday, November 7th will be issued a $0.01 dividend. The ex-dividend date is Friday, November 4th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.20%. Core Laboratories’s dividend payout ratio (DPR) is presently 12.12%.
Analyst Upgrades and Downgrades
CLB has been the topic of several research analyst reports. Stifel Nicolaus lowered their target price on shares of Core Laboratories from $26.00 to $20.00 in a research note on Tuesday, July 26th. StockNews.com initiated coverage on shares of Core Laboratories in a research note on Wednesday, October 12th. They set a hold rating on the stock. Morgan Stanley cut shares of Core Laboratories from an equal weight rating to an underweight rating and set a $20.00 target price on the stock. in a research note on Monday, September 26th. Finally, Citigroup raised shares of Core Laboratories from a sell rating to a neutral rating and lowered their target price for the company from $24.00 to $17.00 in a research note on Thursday, October 6th.
Hedge Funds Weigh In On Core Laboratories
Several hedge funds have recently made changes to their positions in CLB. Raymond James & Associates acquired a new position in shares of Core Laboratories in the 1st quarter worth approximately $1,980,000. US Bancorp DE boosted its holdings in shares of Core Laboratories by 15.3% in the first quarter. US Bancorp DE now owns 5,945 shares of the oil and gas company’s stock worth $188,000 after buying an additional 790 shares during the period. Citigroup Inc. boosted its holdings in shares of Core Laboratories by 57.8% in the first quarter. Citigroup Inc. now owns 39,192 shares of the oil and gas company’s stock worth $1,240,000 after buying an additional 14,354 shares during the period. Rhumbline Advisers boosted its holdings in shares of Core Laboratories by 9.4% in the first quarter. Rhumbline Advisers now owns 68,839 shares of the oil and gas company’s stock worth $2,177,000 after buying an additional 5,931 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Core Laboratories by 14.0% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,895 shares of the oil and gas company’s stock worth $1,262,000 after buying an additional 4,909 shares during the period. Institutional investors and hedge funds own 98.22% of the company’s stock.
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. It operates through Reservoir Description and Production Enhancement segments. The Reservoir Description segment includes the characterization of petroleum reservoir rock, reservoir fluid, and gas samples to enhance production and improve recovery of oil and gas from its clients’ reservoirs.
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