Core Laboratories (NYSE:CLB) Updates Q2 2024 Earnings Guidance

Core Laboratories (NYSE:CLB) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.190-0.230 for the period, compared to the consensus earnings per share estimate of 0.210. The company issued revenue guidance of $130.0 million-$136.0 million, compared to the consensus revenue estimate of $130.1 million. Core Laboratories also updated its Q2 guidance to $0.19-0.23 EPS.

Core Laboratories Trading Down 2.7 %

NYSE:CLB traded down $0.46 during midday trading on Wednesday, hitting $16.53. 412,649 shares of the company traded hands, compared to its average volume of 464,966. The firm’s fifty day moving average is $16.20 and its 200-day moving average is $17.68. Core Laboratories has a 12-month low of $13.82 and a 12-month high of $27.94. The firm has a market capitalization of $774.60 million, a P/E ratio of 19.22, a P/E/G ratio of 0.96 and a beta of 2.40. The company has a current ratio of 2.53, a quick ratio of 1.72 and a debt-to-equity ratio of 0.71.

Core Laboratories (NYSE:CLB) last released its quarterly earnings results 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). Core Laboratories had a net margin of 8.03% and a return on equity of 15.19%. The company had revenue of $128.21 million for the quarter, compared to analysts’ expectations of $127.80 million. During the same quarter in the previous year, the company posted $0.23 EPS. On average, sell-side analysts predict that Core Laboratories will post 0.8 EPS for the current year.

Core Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Monday, February 12th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.24%. The ex-dividend date of this dividend was Friday, February 9th. Core Laboratories’s dividend payout ratio (DPR) is presently 4.65%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CLB. Stifel Nicolaus dropped their price target on Core Laboratories from $21.00 to $17.00 and set a hold rating on the stock in a research report on Monday, February 5th. StockNews.com raised Core Laboratories from a sell rating to a hold rating in a research report on Saturday, January 20th. Finally, Bank of America dropped their price objective on Core Laboratories from $17.00 to $16.00 and set an underperform rating on the stock in a research report on Monday, April 15th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $18.50.

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, 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.