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

Core Laboratories Inc. (NYSE:CLB)’s share price gapped up before the market opened on Thursday following a better than expected earnings announcement. 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 changing hands.

The oil and gas company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Core Laboratories had a return on equity of 15.90% and a net margin of 8.18%. The firm had revenue of $129.64 million for the quarter, compared to analysts’ expectations of $124.47 million.

Core Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Monday, May 6th will be issued a $0.01 dividend. The ex-dividend date is Friday, May 3rd. This represents a $0.04 annualized dividend and a dividend yield of 0.24%. Core Laboratories’s dividend payout ratio is currently 4.55%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CLB. Bank of America cut their target price on 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 increased their price target on shares of Core Laboratories from $17.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday. Finally, StockNews.com upgraded shares of Core Laboratories from a “sell” rating to a “hold” rating in a report on Saturday, January 20th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $18.75.

Institutional Investors Weigh In On Core Laboratories

Large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in Core Laboratories during the third quarter worth approximately $31,000. GAMMA Investing LLC purchased a new position in shares of Core Laboratories in the 4th quarter valued at $48,000. Quadrant Capital Group LLC lifted its position 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 valued at $60,000 after acquiring an additional 1,538 shares during the last quarter. CWM LLC boosted its stake 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 valued at $61,000 after acquiring an additional 3,300 shares in the last quarter. Finally, Lindbrook Capital LLC grew its holdings in shares of Core Laboratories by 19.7% during the first quarter. Lindbrook Capital LLC now owns 3,713 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 612 shares during the last quarter. 97.81% of the stock is owned by hedge funds and other institutional investors.

Core Laboratories Price Performance

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 firm has a market cap of $793.81 million, a price-to-earnings ratio of 19.25, a PEG ratio of 0.94 and a beta of 2.40. The stock has a 50-day moving average price of $16.34 and a 200 day moving average price of $17.62.

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.