Core Laboratories Inc. (NYSE:CLB – Get Free Report) declared a quarterly dividend on Wednesday, January 31st, Zacks reports. Stockholders of record on Monday, February 12th will be paid a dividend of 0.01 per share by the oil and gas company on Monday, March 4th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date of this dividend is Friday, February 9th.
Core Laboratories has decreased its dividend by an average of 43.7% per year over the last three years. Core Laboratories has a payout ratio of 3.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Core Laboratories to earn $0.98 per share next year, which means the company should continue to be able to cover its $0.04 annual dividend with an expected future payout ratio of 4.1%.
Core Laboratories Trading Up 0.1 %
Shares of CLB opened at $14.93 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.55 and a quick ratio of 1.73. The firm has a 50 day simple moving average of $16.98 and a 200-day simple moving average of $20.98. Core Laboratories has a 1-year low of $14.27 and a 1-year high of $27.94. The stock has a market cap of $697.53 million, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 0.47 and a beta of 2.41.
Analyst Ratings Changes
Several analysts have commented on CLB shares. Stifel Nicolaus lowered their target price on shares of Core Laboratories from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday. StockNews.com raised shares of Core Laboratories from a “sell” rating to a “hold” rating in a research note on Saturday, January 20th. Finally, TheStreet cut shares of Core Laboratories from a “b-” rating to a “c” rating in a research note on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $19.88.
Hedge Funds Weigh In On Core Laboratories
Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in Core Laboratories by 37.8% in the 2nd quarter. BlackRock Inc. now owns 7,927,366 shares of the oil and gas company’s stock worth $184,311,000 after buying an additional 2,173,250 shares in the last quarter. State Street Corp grew its position in Core Laboratories by 44.4% in the 2nd quarter. State Street Corp now owns 1,848,741 shares of the oil and gas company’s stock worth $42,983,000 after purchasing an additional 568,196 shares during the last quarter. Ameriprise Financial Inc. grew its position in Core Laboratories by 167.6% in the 1st quarter. Ameriprise Financial Inc. now owns 902,625 shares of the oil and gas company’s stock worth $19,903,000 after purchasing an additional 565,344 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Core Laboratories by 108.4% in the 2nd quarter. Geode Capital Management LLC now owns 893,278 shares of the oil and gas company’s stock worth $20,769,000 after acquiring an additional 464,644 shares during the period. Finally, Ariel Investments LLC lifted its stake in shares of Core Laboratories by 5.1% in the 1st quarter. Ariel Investments LLC now owns 8,198,544 shares of the oil and gas company’s stock worth $259,320,000 after acquiring an additional 394,237 shares during the period. Institutional investors and hedge funds own 97.81% of the company’s stock.
About Core Laboratories
Core Laboratories Inc 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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