Core Laboratories (NYSE:CLB) Trading Down 6.5% - Here's Why

Key Points

• Core Laboratories' stock price fell by 6.5%, trading as low as $12.49, with a significant decline in trading volume.
• Analysts have downgraded the stock, with Citigroup reducing its target price from $16.00 to $13.00 and changing its rating to "neutral."
• The company reported $0.19 earnings per share for the latest quarter, exceeding analysts' expectations, although revenue decreased by 0.3% year-over-year.
• Core Laboratories announced a quarterly dividend of $0.01 per share, representing an annual yield of 0.32%.

Core Laboratories Inc. (NYSE:CLB - Get Free Report)'s share price was down 6.5% during mid-day trading on Friday . The company traded as low as $12.54 and last traded at $12.49. Approximately 155,323 shares were traded during trading, a decline of 66% from the average daily volume of 450,902 shares. The stock had previously closed at $13.36.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CLB shares. Citigroup cut their target price on shares of Core Laboratories from $16.00 to $13.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Wall Street Zen downgraded shares of Core Laboratories from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Finally, Stifel Nicolaus cut their target price on shares of Core Laboratories from $13.00 to $12.00 and set a "hold" rating on the stock in a research report on Wednesday, July 16th.

Core Laboratories Stock Down 7.4%

The firm has a market capitalization of $580.14 million, a price-to-earnings ratio of 20.00, a P/E/G ratio of 3.88 and a beta of 1.41. The business's 50-day moving average is $11.84 and its two-hundred day moving average is $13.94. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.64 and a current ratio of 2.21.

Core Laboratories (NYSE:CLB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.01. The business had revenue of $130.16 million for the quarter, compared to the consensus estimate of $129.19 million. Core Laboratories had a net margin of 5.73% and a return on equity of 14.28%. Core Laboratories's revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the company posted $0.22 EPS. On average, equities analysts anticipate that Core Laboratories Inc. will post 0.96 earnings per share for the current year.

Core Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 4th will be paid a dividend of $0.01 per share. The ex-dividend date is Monday, August 4th. This represents a $0.04 dividend on an annualized basis and a yield of 0.32%. Core Laboratories's payout ratio is 6.78%.

Institutional Trading of Core Laboratories

A number of large investors have recently bought and sold shares of the business. Ariel Investments LLC increased its stake in Core Laboratories by 7.4% during the 1st quarter. Ariel Investments LLC now owns 10,342,025 shares of the oil and gas company's stock worth $155,027,000 after purchasing an additional 709,455 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in Core Laboratories by 4.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,158,702 shares of the oil and gas company's stock worth $20,058,000 after purchasing an additional 46,941 shares in the last quarter. Geode Capital Management LLC increased its stake in Core Laboratories by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,058,620 shares of the oil and gas company's stock worth $18,329,000 after purchasing an additional 5,416 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Core Laboratories by 3.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 847,983 shares of the oil and gas company's stock worth $14,678,000 after purchasing an additional 28,393 shares in the last quarter. Finally, Fred Alger Management LLC increased its stake in Core Laboratories by 32.4% during the 1st quarter. Fred Alger Management LLC now owns 736,853 shares of the oil and gas company's stock worth $11,045,000 after purchasing an additional 180,344 shares in the last quarter. 97.81% of the stock is owned by institutional investors.

About Core Laboratories

Core Laboratories Inc provides reservoir description and production enhancement services and products to the oil and gas industry in the United States, and internationally. It operates through Reservoir Description and Production Enhancement segments. The Reservoir Description segment includes the characterization of petroleum reservoir rock and reservoir fluid samples to enhance production and improve recovery of crude oil and gas from its clients' reservoirs.

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