Q1 2024 EPS Estimates for Core Laboratories Inc. (NYSE:CLB) Cut by Analyst

Core Laboratories Inc. (NYSE:CLB) – Investment analysts at Zacks Research lowered their Q1 2024 earnings estimates for Core Laboratories in a research note issued on Thursday, April 18th. Zacks Research analyst T. Saha now forecasts that the oil and gas company will post earnings per share of $0.10 for the quarter, down from their prior estimate of $0.12. The consensus estimate for Core Laboratories’ current full-year earnings is $0.81 per share. Zacks Research also issued estimates for Core Laboratories’ FY2024 earnings at $0.76 EPS and Q1 2025 earnings at $0.20 EPS.

Core Laboratories (NYSE:CLB) last released its quarterly earnings data on Wednesday, January 31st. The oil and gas company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.01). The firm had revenue of $128.21 million during the quarter, compared to analysts’ expectations of $127.80 million. Core Laboratories had a net margin of 8.03% and a return on equity of 15.19%. During the same period in the previous year, the business earned $0.23 earnings per share.

Other analysts also recently issued research reports about the stock. Bank of America reduced their price target on shares of Core Laboratories from $17.00 to $16.00 and set an “underperform” rating on the stock in a report on Monday, April 15th. StockNews.com upgraded Core Laboratories from a “sell” rating to a “hold” rating in a report on Saturday, January 20th. Finally, Stifel Nicolaus cut their price target on Core Laboratories from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, February 5th. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat.com, Core Laboratories has a consensus rating of “Hold” and an average price target of $18.50.

Core Laboratories Price Performance

Shares of NYSE CLB opened at $17.18 on Friday. The company has a current ratio of 2.53, a quick ratio of 1.72 and a debt-to-equity ratio of 0.71. The company’s 50-day moving average price is $16.11 and its 200 day moving average price is $17.82. Core Laboratories has a 52 week low of $13.82 and a 52 week high of $27.94. The stock has a market cap of $805.12 million, a price-to-earnings ratio of 19.98, a PEG ratio of 0.93 and a beta of 2.40.

Core Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Monday, February 12th were paid a $0.01 dividend. The ex-dividend date of this dividend was Friday, February 9th. This represents a $0.04 annualized dividend and a yield of 0.23%. Core Laboratories’s payout ratio is currently 4.65%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Raymond James & Associates purchased a new position in Core Laboratories during the first quarter worth about $1,980,000. US Bancorp DE boosted its position in shares of Core Laboratories by 15.3% in the first quarter. US Bancorp DE now owns 5,945 shares of the oil and gas company’s stock worth $188,000 after acquiring an additional 790 shares during the last quarter. Citigroup Inc. grew its holdings in Core Laboratories by 57.8% in the first quarter. Citigroup Inc. now owns 39,192 shares of the oil and gas company’s stock valued at $1,240,000 after purchasing an additional 14,354 shares during the period. Rhumbline Advisers increased its position in Core Laboratories by 9.4% during the first quarter. Rhumbline Advisers now owns 68,839 shares of the oil and gas company’s stock worth $2,177,000 after purchasing an additional 5,931 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Core Laboratories by 14.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,895 shares of the oil and gas company’s stock worth $1,262,000 after purchasing an additional 4,909 shares during the period. Hedge funds and other institutional investors own 97.81% of the company’s stock.

Core Laboratories Company Profile

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.