Core Laboratories (NYSE:CLB) Sees Unusually-High Trading Volume Following Dividend Announcement

Core Laboratories (NYSE:CLBGet Rating) saw unusually-high trading volume on Monday following a dividend announcement from the company. Approximately 21,035 shares changed hands during mid-day trading, a decline of 96% from the previous session’s volume of 498,460 shares.The stock last traded at $17.59 and had previously closed at $18.94.

The newly announced dividend which will be paid on Monday, August 29th. Shareholders of record on Monday, August 8th will be given a dividend of $0.01 per share. The ex-dividend date is Friday, August 5th. This represents a $0.04 dividend on an annualized basis and a yield of 0.22%. Core Laboratories’s payout ratio is currently 21.05%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CLB shares. Piper Sandler cut Core Laboratories from a “neutral” rating to an “underweight” rating and increased their price objective for the company from $19.50 to $21.30 in a research report on Monday, April 18th. Stifel Nicolaus cut their target price on Core Laboratories from $26.00 to $20.00 in a research note on Tuesday, July 26th. Morgan Stanley cut their target price on Core Laboratories from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday. Finally, StockNews.com upgraded Core Laboratories from a “sell” rating to a “hold” rating in a research note on Wednesday, May 11th.

Core Laboratories Stock Down 4.9 %

The company has a debt-to-equity ratio of 1.08, a current ratio of 2.08 and a quick ratio of 1.53. The firm has a 50 day simple moving average of $21.69 and a 200-day simple moving average of $25.99. The stock has a market capitalization of $834.47 million, a price-to-earnings ratio of 94.85 and a beta of 2.60.

Core Laboratories (NYSE:CLBGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.02). Core Laboratories had a return on equity of 16.12% and a net margin of 1.82%. The company had revenue of $120.90 million for the quarter, compared to analyst estimates of $121.35 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. The business’s revenue was up 1.8% compared to the same quarter last year. On average, sell-side analysts forecast that Core Laboratories will post 0.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Captrust Financial Advisors increased its stake in shares of Core Laboratories by 185.7% in the first quarter. Captrust Financial Advisors now owns 1,903 shares of the oil and gas company’s stock valued at $60,000 after buying an additional 1,237 shares in the last quarter. First Bank & Trust increased its stake in shares of Core Laboratories by 21.7% in the first quarter. First Bank & Trust now owns 2,561 shares of the oil and gas company’s stock valued at $81,000 after buying an additional 456 shares in the last quarter. Whittier Trust Co. acquired a new stake in shares of Core Laboratories in the first quarter valued at $95,000. US Bancorp DE increased its stake 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 valued at $188,000 after buying an additional 790 shares in the last quarter. Finally, FORA Capital LLC acquired a new stake in shares of Core Laboratories in the first quarter valued at $200,000. 92.56% of the stock is currently owned by institutional investors and hedge funds.

About Core Laboratories

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

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