Morgan Stanley Trims Core Laboratories (NYSE:CLB) Target Price to $70.00

Core Laboratories (NYSE:CLB) had its target price trimmed by Morgan Stanley from $75.00 to $70.00 in a report issued on Friday morning, BenzingaRatingsTable reports. The firm currently has an equal weight rating on the oil and gas company’s stock.

A number of other analysts have also recently weighed in on the company. Piper Jaffray Companies set a $52.00 price target on Core Laboratories and gave the company a hold rating in a research report on Wednesday, June 26th. Royal Bank of Canada reiterated an underperform rating and issued a GBX 215 ($2.81) price target on shares of in a research report on Wednesday, June 26th. Bank of America set a $25.00 price target on Levi Strauss & Co. and gave the company a hold rating in a research report on Wednesday, July 10th. Stifel Nicolaus reiterated a buy rating and issued a $170.00 price target on shares of Spotify in a research report on Friday, April 26th. Finally, Zacks Investment Research cut Heritage Insurance from a hold rating to a strong sell rating in a research report on Friday, April 26th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. Core Laboratories has a consensus rating of Hold and a consensus price target of $75.67.

Shares of NYSE:CLB opened at $53.36 on Friday. The company has a fifty day moving average of $51.23. Core Laboratories has a fifty-two week low of $46.32 and a fifty-two week high of $122.11. The company has a market capitalization of $2.41 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 2.93 and a beta of 1.93. The company has a quick ratio of 1.45, a current ratio of 1.84 and a debt-to-equity ratio of 1.92.

Core Laboratories (NYSE:CLB) last announced its quarterly earnings results on Wednesday, April 24th. The oil and gas company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Core Laboratories had a return on equity of 57.13% and a net margin of 13.79%. The firm had revenue of $169.19 million for the quarter, compared to analysts’ expectations of $166.79 million. During the same period in the prior year, the business posted $0.57 earnings per share. The business’s revenue was down .5% compared to the same quarter last year. Equities research analysts forecast that Core Laboratories will post 1.92 earnings per share for the current fiscal year.

The firm also recently disclosed a dividend, which will be paid on Monday, August 12th. Shareholders of record on Monday, July 22nd will be paid a $0.55 dividend. The ex-dividend date of this dividend is Friday, July 19th. Core Laboratories’s dividend payout ratio is currently 96.49%.

A number of institutional investors have recently bought and sold shares of CLB. Millennium Management LLC boosted its stake in Core Laboratories by 277.4% in the fourth quarter. Millennium Management LLC now owns 797,161 shares of the oil and gas company’s stock worth $47,559,000 after purchasing an additional 585,945 shares in the last quarter. Norges Bank acquired a new position in Core Laboratories in the fourth quarter worth $26,251,000. Deutsche Bank AG boosted its stake in Core Laboratories by 1,200.7% in the fourth quarter. Deutsche Bank AG now owns 279,876 shares of the oil and gas company’s stock worth $16,695,000 after purchasing an additional 258,359 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its stake in Core Laboratories by 12.3% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,553,960 shares of the oil and gas company’s stock worth $107,115,000 after purchasing an additional 170,124 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Core Laboratories by 32.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 397,850 shares of the oil and gas company’s stock worth $23,736,000 after purchasing an additional 98,124 shares in the last quarter.

Core Laboratories Company Profile

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. The company operates in two segments, Reservoir Description and Production Enhancement segments. The Reservoir Description segment includes the characterization of petroleum reservoir rock, fluid, and gas samples to enhance production and improve recovery of oil and gas from its clients' reservoirs.

See Also: Return on Equity (ROE)

Analyst Recommendations for Core Laboratories (NYSE:CLB)

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