Morgan Stanley restated their underweight rating on shares of Carbo Ceramics, Inc. (NYSE:CRR) in a research note released on Wednesday morning. Morgan Stanley currently has a $5.00 price target on the oil and gas company’s stock, down from their prior price target of $7.50.
CRR has been the topic of several other research reports. Scotiabank set a $14.00 target price on Carbo Ceramics and gave the stock a hold rating in a report on Wednesday, March 22nd. Cowen and Company dropped their target price on Carbo Ceramics from $15.00 to $10.50 and set a market perform rating on the stock in a report on Wednesday, May 10th. ValuEngine lowered Carbo Ceramics from a sell rating to a strong sell rating in a report on Tuesday, June 20th. Finally, Zacks Investment Research lowered Carbo Ceramics from a hold rating to a sell rating in a report on Tuesday, May 2nd. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $11.64.
Shares of Carbo Ceramics (NYSE CRR) opened at 6.10 on Wednesday. Carbo Ceramics has a 1-year low of $5.66 and a 1-year high of $16.70. The stock’s market capitalization is $165.55 million. The stock’s 50 day moving average price is $7.68 and its 200-day moving average price is $10.59.
Carbo Ceramics (NYSE:CRR) last released its earnings results on Thursday, April 27th. The oil and gas company reported ($1.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.09) by $0.13. Carbo Ceramics had a negative return on equity of 10.36% and a negative net margin of 84.01%. The company had revenue of $34.70 million for the quarter, compared to the consensus estimate of $32.22 million. During the same quarter in the previous year, the company posted ($1.07) EPS. The business’s revenue was up 4.8% on a year-over-year basis. Equities research analysts anticipate that Carbo Ceramics will post ($3.50) EPS for the current fiscal year.
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In other Carbo Ceramics news, VP Ernesto Bautista III acquired 5,000 shares of the company’s stock in a transaction on Wednesday, May 3rd. The shares were purchased at an average price of $6.38 per share, for a total transaction of $31,900.00. Following the completion of the purchase, the vice president now directly owns 82,898 shares of the company’s stock, valued at $528,889.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Gary A. Kolstad acquired 20,000 shares of the company’s stock in a transaction on Wednesday, May 3rd. The stock was acquired at an average price of $6.37 per share, for a total transaction of $127,400.00. Following the purchase, the insider now directly owns 278,135 shares of the company’s stock, valued at $1,771,719.95. The disclosure for this purchase can be found here. 18.00% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio raised its stake in Carbo Ceramics by 13.9% in the first quarter. Public Employees Retirement System of Ohio now owns 9,786 shares of the oil and gas company’s stock valued at $128,000 after buying an additional 1,196 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in Carbo Ceramics by 389.1% in the first quarter. Metropolitan Life Insurance Co. NY now owns 17,342 shares of the oil and gas company’s stock valued at $226,000 after buying an additional 13,796 shares in the last quarter. Bank of America Corp DE raised its stake in Carbo Ceramics by 21.9% in the first quarter. Bank of America Corp DE now owns 72,955 shares of the oil and gas company’s stock valued at $951,000 after buying an additional 13,117 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in Carbo Ceramics by 15.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 300,682 shares of the oil and gas company’s stock valued at $3,921,000 after buying an additional 40,192 shares in the last quarter. Finally, KCG Holdings Inc. acquired a new stake in Carbo Ceramics during the first quarter valued at about $231,000. Hedge funds and other institutional investors own 79.94% of the company’s stock.
Carbo Ceramics Company Profile
CARBO Ceramics Inc is a technology company that provides products and services to the global oil and gas and industrial markets. The Company operates through two segments: Oilfield Technologies and Services, and Environmental Products and Services. The Company’s oilfield technologies and services segment includes the manufacturing and selling of proppant products for use primarily in the hydraulic fracturing of oil and natural gas wells, Fracpro software for the design of fracture treatments, and StrataGen consulting services for the optimizing of well completions.
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