Cowen and Company Lowers CARBO Ceramics Inc. (CRR) Price Target to $10.50

CARBO Ceramics Inc. (NYSE:CRR) had its price objective cut by Cowen and Company from $15.00 to $10.50 in a report released on Wednesday, May 10th. They currently have a market perform rating on the oil and gas company’s stock.

A number of other research analysts also recently commented on the company. Zacks Investment Research downgraded CARBO Ceramics from a hold rating to a sell rating in a report on Tuesday, May 2nd. Scotiabank set a $14.00 price target on CARBO Ceramics and gave the stock a hold rating in a report on Wednesday, March 22nd. Finally, Evercore ISI raised CARBO Ceramics from a hold rating to a buy rating and set a $19.00 price target on the stock in a report on Monday, February 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $12.75.

Shares of CARBO Ceramics (NYSE:CRR) traded down 2.29% during mid-day trading on Wednesday, hitting $7.69. 703,281 shares of the stock were exchanged. The company has a 50-day moving average price of $8.23 and a 200-day moving average price of $10.61. CARBO Ceramics has a 12 month low of $5.66 and a 12 month high of $16.70. The stock’s market cap is $208.70 million.

CARBO Ceramics (NYSE:CRR) last issued its quarterly earnings results on Thursday, April 27th. The oil and gas company reported ($1.22) EPS for the quarter, missing analysts’ consensus estimates of ($1.09) by $0.13. The business had revenue of $34.70 million during the quarter, compared to analysts’ expectations of $32.22 million. CARBO Ceramics had a negative net margin of 77.75% and a negative return on equity of 7.01%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the prior year, the company posted ($1.07) EPS. Equities analysts expect that CARBO Ceramics will post ($3.60) earnings per share for the current year.

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In other CARBO Ceramics news, VP Ernesto Bautista III bought 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was acquired at an average price of $6.38 per share, with a total value of $31,900.00. Following the completion of the transaction, the vice president now directly owns 82,898 shares in the company, valued at approximately $528,889.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gary A. Kolstad bought 20,000 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was acquired at an average cost of $6.37 per share, with a total value of $127,400.00. Following the transaction, the insider now owns 278,135 shares of the company’s stock, valued at $1,771,719.95. The disclosure for this purchase can be found here. Company insiders own 18.00% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Capital Fund Management S.A. purchased a new stake in CARBO Ceramics during the third quarter worth about $731,000. BlackRock Inc. boosted its stake in CARBO Ceramics by 23.7% in the third quarter. BlackRock Inc. now owns 71,531 shares of the oil and gas company’s stock worth $782,000 after buying an additional 13,700 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in CARBO Ceramics by 420.7% in the third quarter. Canada Pension Plan Investment Board now owns 15,100 shares of the oil and gas company’s stock worth $165,000 after buying an additional 12,200 shares during the last quarter. BlackRock Group LTD boosted its stake in CARBO Ceramics by 19.9% in the third quarter. BlackRock Group LTD now owns 183,381 shares of the oil and gas company’s stock worth $2,006,000 after buying an additional 30,417 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in CARBO Ceramics by 15.1% in the third quarter. Ameriprise Financial Inc. now owns 575,627 shares of the oil and gas company’s stock worth $6,297,000 after buying an additional 75,705 shares during the last quarter. 81.28% of the stock is owned by hedge funds and other institutional investors.

About CARBO Ceramics

CARBO Ceramics Inc is a technology company that provides products and services to the global oil and gas and industrial markets. The Company operates through two segments: Oilfield Technologies and Services, and Environmental Products and Services. The Company’s oilfield technologies and services segment includes the manufacturing and selling of proppant products for use primarily in the hydraulic fracturing of oil and natural gas wells, Fracpro software for the design of fracture treatments, and StrataGen consulting services for the optimizing of well completions.

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