Prudential Financial Inc. boosted its stake in Core Laboratories (NYSE:CLB) by 7.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,455 shares of the oil and gas company’s stock after purchasing an additional 1,810 shares during the quarter. Prudential Financial Inc. owned about 0.06% of Core Laboratories worth $1,331,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of CLB. Van ECK Associates Corp raised its stake in Core Laboratories by 129.5% during the second quarter. Van ECK Associates Corp now owns 1,272,774 shares of the oil and gas company’s stock worth $66,541,000 after acquiring an additional 718,280 shares in the last quarter. Manning & Napier Group LLC grew its holdings in shares of Core Laboratories by 2,062.3% during the second quarter. Manning & Napier Group LLC now owns 720,686 shares of the oil and gas company’s stock worth $37,675,000 after purchasing an additional 687,356 shares during the last quarter. Granite Investment Partners LLC bought a new stake in shares of Core Laboratories during the second quarter worth about $13,923,000. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Core Laboratories by 12.3% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,553,960 shares of the oil and gas company’s stock worth $107,115,000 after purchasing an additional 170,124 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in shares of Core Laboratories during the second quarter worth about $8,027,000.
Several analysts recently commented on CLB shares. Piper Jaffray Companies set a $52.00 target price on Core Laboratories and gave the company a “hold” rating in a report on Wednesday, June 26th. Citigroup reduced their target price on Core Laboratories from $54.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. ValuEngine cut Core Laboratories from a “sell” rating to a “strong sell” rating in a report on Monday, July 29th. Morgan Stanley cut their price target on Core Laboratories from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Finally, Royal Bank of Canada set a $77.00 price target on Core Laboratories and gave the stock a “buy” rating in a report on Wednesday, June 26th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $74.42.
In related news, Director Gregory Barry Barnett purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average cost of $40.00 per share, with a total value of $40,000.00. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at approximately $440,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.00% of the company’s stock.
Shares of NYSE:CLB traded down $1.06 during trading on Friday, reaching $48.80. 5,749 shares of the stock were exchanged, compared to its average volume of 632,539. 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. The stock has a fifty day moving average of $42.09 and a two-hundred day moving average of $55.09. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 21.54, a price-to-earnings-growth ratio of 5.36 and a beta of 1.95.
Core Laboratories (NYSE:CLB) last issued its earnings results on Wednesday, July 24th. The oil and gas company reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. The company had revenue of $169.04 million for the quarter, compared to analyst estimates of $173.46 million. Core Laboratories had a return on equity of 51.19% and a net margin of 14.30%. Core Laboratories’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.59 earnings per share. Sell-side analysts forecast that Core Laboratories will post 1.75 EPS for the current year.
Core Laboratories 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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