Zacks: Brokerages Anticipate Core Laboratories (NYSE:CLB) Will Post Quarterly Sales of $123.80 Million

Wall Street analysts forecast that Core Laboratories (NYSE:CLB) will announce sales of $123.80 million for the current quarter, Zacks reports. Two analysts have issued estimates for Core Laboratories’ earnings. The highest sales estimate is $124.00 million and the lowest is $123.60 million. Core Laboratories reported sales of $105.38 million in the same quarter last year, which would suggest a positive year over year growth rate of 17.5%. The business is scheduled to announce its next quarterly earnings report on Wednesday, October 20th.

On average, analysts expect that Core Laboratories will report full-year sales of $481.13 million for the current fiscal year, with estimates ranging from $478.00 million to $485.70 million. For the next year, analysts forecast that the firm will report sales of $553.24 million, with estimates ranging from $544.00 million to $558.60 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Core Laboratories.

Core Laboratories (NYSE:CLB) last released its quarterly earnings data on Wednesday, July 28th. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). The company had revenue of $118.75 million during the quarter, compared to analysts’ expectations of $118.85 million. Core Laboratories had a net margin of 7.32% and a return on equity of 27.46%.

Several equities research analysts have issued reports on CLB shares. Piper Sandler lowered their price objective on shares of Core Laboratories from $20.00 to $17.50 and set a “neutral” rating for the company in a research report on Friday, August 20th. cut shares of Core Laboratories from a “neutral” rating to a “sell” rating and upped their price target for the stock from $30.00 to $36.00 in a research report on Monday, June 14th. Morgan Stanley lowered their price target on shares of Core Laboratories from $40.00 to $37.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 3rd. Finally, Citigroup cut shares of Core Laboratories from a “neutral” rating to a “sell” rating and upped their price target for the stock from $30.00 to $36.00 in a research report on Monday, June 14th. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, Core Laboratories presently has a consensus rating of “Hold” and an average target price of $27.79.

Several hedge funds and other institutional investors have recently bought and sold shares of CLB. Marshall Wace LLP bought a new position in shares of Core Laboratories during the 1st quarter worth approximately $30,000. FMR LLC raised its stake in shares of Core Laboratories by 173.3% during the 1st quarter. FMR LLC now owns 40,935 shares of the oil and gas company’s stock worth $2,821,000 after acquiring an additional 25,955 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Core Laboratories by 4.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 634,442 shares of the oil and gas company’s stock worth $16,820,000 after acquiring an additional 29,875 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Core Laboratories during the 1st quarter valued at approximately $248,000. Finally, State of New Jersey Common Pension Fund D acquired a new position in Core Laboratories during the 1st quarter valued at approximately $1,911,000. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Core Laboratories stock traded down $0.90 during trading hours on Tuesday, hitting $27.89. The company had a trading volume of 346,682 shares, compared to its average volume of 494,817. The firm has a market cap of $1.29 billion, a P/E ratio of 38.74, a P/E/G ratio of 1.10 and a beta of 3.29. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.79 and a current ratio of 2.21. Core Laboratories has a 1 year low of $13.43 and a 1 year high of $49.87. The company has a 50-day moving average price of $30.60 and a two-hundred day moving average price of $33.75.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 24th. Investors of record on Monday, August 9th were paid a dividend of $0.01 per share. The ex-dividend date was Friday, August 6th. This represents a $0.04 annualized dividend and a dividend yield of 0.14%. Core Laboratories’s dividend payout ratio (DPR) is presently 5.00%.

About Core Laboratories

Core Laboratories NV engages in the provision of proprietary and patented reservoir description, production enhancement, and reservoir management services to the oil and gas industry. It operates through the following business segments: Reservoir Description and Production Enhancement. The Reservoir Description segment encompasses the characterization of petroleum reservoir rock, fluid, and gas samples and provides analytical and field services to characterize properties of crude oil and petroleum products.

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