Analysts at DA Davidson lowered their price target on shares of Layne Christensen (NASDAQ: LAYN) from $23.00 to $22.00 in a research report issued to clients and investors on Tuesday. The firm currently has a “neutral” rating on the stock.
The analysts wrote, “We are slightly reducing our target on LAYN shares to $22 from $23, reflecting our lower earnings expectations as well as broader pressures on equity valuation levels. We continue to rate the shares NEUTRAL.”
Shares of Layne Christensen traded up 3.33% during mid-day trading on Tuesday, hitting $19.22. Layne Christensen has a 52 week low of $18.43 and a 52 week high of $32.43. The company’s market cap is $374.3 million.
Layne Christensen last announced its earnings results on Tuesday, June 5th. The company reported $0.19 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.19. Layne Christensen’s revenue was up 3.4% compared to the same quarter last year. On average, analysts predict that Layne Christensen will post $0.46 earnings per share next quarter.
Layne Christensen Company provides drilling and construction services and related products in two principal markets: water infrastructure and mineral exploration, as well as operates as a producer of unconventional natural gas for the energy market.