Earnest Partners LLC increased its stake in Core Laboratories (NYSE:CLB) by 19.5% in the second quarter, Holdings Channel reports. The firm owned 2,308,539 shares of the oil and gas company’s stock after purchasing an additional 377,223 shares during the period. Core Laboratories comprises 1.1% of Earnest Partners LLC’s holdings, making the stock its 18th largest position. Earnest Partners LLC owned 0.05% of Core Laboratories worth $120,690,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in CLB. Bremer Bank National Association acquired a new stake in Core Laboratories during the 1st quarter valued at approximately $30,000. Marshall Wace LLP acquired a new stake in Core Laboratories during the 1st quarter valued at approximately $30,000. NEXT Financial Group Inc acquired a new stake in Core Laboratories during the 2nd quarter valued at approximately $31,000. Advisory Services Network LLC lifted its stake in Core Laboratories by 306.5% during the 2nd quarter. Advisory Services Network LLC now owns 1,809 shares of the oil and gas company’s stock valued at $95,000 after acquiring an additional 1,364 shares during the period. Finally, First Bank & Trust lifted its stake in Core Laboratories by 20.8% during the 2nd quarter. First Bank & Trust now owns 2,852 shares of the oil and gas company’s stock valued at $149,000 after acquiring an additional 492 shares during the period.
Several analysts have commented on CLB shares. Piper Jaffray Companies set a $52.00 price objective on shares of Core Laboratories and gave the company a “hold” rating in a research note on Wednesday, June 26th. ValuEngine cut shares of Core Laboratories from a “sell” rating to a “strong sell” rating in a research note on Monday, July 29th. Citigroup decreased their price objective on shares of Core Laboratories from $54.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday. Bank of America upgraded shares of Core Laboratories from a “neutral” rating to a “buy” rating and set a $63.00 price objective for the company in a research note on Wednesday, July 10th. Finally, Morgan Stanley decreased their price objective on shares of Core Laboratories from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. Core Laboratories has a consensus rating of “Hold” and an average target price of $74.42.
CLB opened at $47.12 on Friday. The stock has a market cap of $2.02 billion, a P/E ratio of 20.67, a P/E/G ratio of 4.86 and a beta of 1.95. The firm has a fifty day moving average price of $42.59 and a 200 day moving average price of $55.66. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.80 and a quick ratio of 1.41. Core Laboratories has a 1 year low of $36.61 and a 1 year high of $122.11.
Core Laboratories (NYSE:CLB) last issued its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $169.04 million during the quarter, compared to analyst estimates of $173.46 million. Core Laboratories had a net margin of 14.30% and a return on equity of 51.19%. The firm’s revenue was down 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.59 EPS. Equities analysts expect that Core Laboratories will post 1.75 EPS for the current year.
In related news, Director Gregory Barry Barnett purchased 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $40.00 per share, with a total value of $40,000.00. Following the acquisition, the director now owns 11,000 shares in the company, valued at $440,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.00% of the stock is currently owned by insiders.
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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