Core Laboratories (NYSE:CLB) Shares Gap Up After Strong Earnings

Core Laboratories Inc. (NYSE:CLB - Get Free Report) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $16.53, but opened at $17.84. Core Laboratories shares last traded at $17.40, with a volume of 190,932 shares trading hands.

The oil and gas company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.02. The business had revenue of $129.64 million for the quarter, compared to the consensus estimate of $124.47 million. Core Laboratories had a net margin of 8.03% and a return on equity of 15.19%.

Core Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Monday, February 12th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.23%. The ex-dividend date of this dividend was Friday, February 9th. Core Laboratories's dividend payout ratio (DPR) is 4.65%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Bank of America cut their price objective on shares of Core Laboratories from $17.00 to $16.00 and set an "underperform" rating on the stock in a research report on Monday, April 15th. Stifel Nicolaus lowered their price objective on shares of Core Laboratories from $21.00 to $17.00 and set a "hold" rating on the stock in a research note on Monday, February 5th. Finally, StockNews.com upgraded shares of Core Laboratories from a "sell" rating to a "hold" rating in a research note on Saturday, January 20th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat.com, Core Laboratories currently has a consensus rating of "Hold" and a consensus target price of $18.50.

Institutional Investors Weigh In On Core Laboratories

A number of institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new stake in shares of Core Laboratories during the third quarter worth $31,000. GAMMA Investing LLC bought a new position in Core Laboratories in the fourth quarter worth about $48,000. Quadrant Capital Group LLC raised its holdings in Core Laboratories by 84.0% in the fourth quarter. Quadrant Capital Group LLC now owns 3,370 shares of the oil and gas company's stock worth $60,000 after purchasing an additional 1,538 shares in the last quarter. CWM LLC raised its holdings in Core Laboratories by 1,178.6% in the first quarter. CWM LLC now owns 3,580 shares of the oil and gas company's stock worth $61,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Platinum Investment Management Ltd. increased its holdings in shares of Core Laboratories by 43.8% during the fourth quarter. Platinum Investment Management Ltd. now owns 5,577 shares of the oil and gas company's stock valued at $98,000 after acquiring an additional 1,698 shares in the last quarter. 97.81% of the stock is owned by hedge funds and other institutional investors.

Core Laboratories Trading Up 3.3 %

The company has a debt-to-equity ratio of 0.71, a current ratio of 2.53 and a quick ratio of 1.72. The stock has a market cap of $799.90 million, a price-to-earnings ratio of 19.85, a P/E/G ratio of 0.96 and a beta of 2.40. The company's fifty day moving average price is $16.29 and its 200-day moving average price is $17.66.

Core Laboratories Company Profile

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.