Core Laboratories (CLB) Upgraded to Buy at Zacks Investment Research

Core Laboratories (NYSE:CLB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $131.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.65% from the stock’s current price.

According to Zacks, “Considering Core Laboratories' unique business model, disciplined financial management and technological expertise, we are taking a bullish stance on the company. We like Core Labs’ leadership position in the reservoir optimization niche, along with its global footprint and deep portfolio of proprietary products and services. Furthermore, CLB’s low asset intensive operations and limited capex needs allow it to generate substantial free cash flows. Providing core sample and fluid analysis to oil and natural gas producers in managing their reserves, Core Labs have been able to operate profitably even in this low commodity price environment. In fact, the existing tight oil price scenario have made CLB's services even more important for energy companies that look to utilize every dollar that they spend. Consequently, we think CLB offers substantial upside potential from the current price levels.”

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Several other research firms have also issued reports on CLB. ABN Amro lowered Core Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Cowen set a $98.00 price objective on Core Laboratories and gave the stock a “hold” rating in a research note on Friday. Royal Bank of Canada set a $125.00 price objective on Core Laboratories and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Deutsche Bank lowered Core Laboratories from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $116.30 to $109.00 in a research note on Thursday, January 11th. Finally, ValuEngine upgraded Core Laboratories from a “sell” rating to a “hold” rating in a research note on Wednesday, April 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $112.99.

CLB stock traded up $0.57 during midday trading on Tuesday, hitting $117.33. The stock had a trading volume of 99,829 shares, compared to its average volume of 440,636. The stock has a market cap of $5,156.18, a P/E ratio of 58.73 and a beta of 1.40. Core Laboratories has a 52 week low of $86.55 and a 52 week high of $121.39. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.98 and a quick ratio of 1.66.

Core Laboratories (NYSE:CLB) last released its quarterly earnings data on Wednesday, January 31st. The oil and gas company reported $0.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.58. Core Laboratories had a return on equity of 58.25% and a net margin of 12.60%. The firm had revenue of $172.00 million during the quarter, compared to analyst estimates of $171.92 million. During the same period in the prior year, the company posted $0.41 earnings per share. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. equities research analysts anticipate that Core Laboratories will post 2.7 EPS for the current year.

Several large investors have recently made changes to their positions in the company. WCM Investment Management CA increased its stake in shares of Core Laboratories by 5.5% in the fourth quarter. WCM Investment Management CA now owns 4,793,731 shares of the oil and gas company’s stock valued at $525,153,000 after buying an additional 250,830 shares in the last quarter. DF Dent & Co. Inc. acquired a new stake in shares of Core Laboratories in the fourth quarter valued at $77,449,000. Jackson Square Partners LLC increased its stake in shares of Core Laboratories by 8.1% in the fourth quarter. Jackson Square Partners LLC now owns 498,947 shares of the oil and gas company’s stock valued at $54,659,000 after buying an additional 37,389 shares in the last quarter. Ariel Investments LLC increased its stake in shares of Core Laboratories by 9.2% in the fourth quarter. Ariel Investments LLC now owns 494,100 shares of the oil and gas company’s stock valued at $54,129,000 after buying an additional 41,619 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Core Laboratories by 2.7% in the fourth quarter. Franklin Resources Inc. now owns 490,266 shares of the oil and gas company’s stock valued at $53,708,000 after buying an additional 12,866 shares in the last quarter.

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About Core Laboratories

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. It operates in two segments, Reservoir Description and Production Enhancement segments. The Reservoir Description segment comprises 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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