Core Lab Touches 52-Week High - Analyst Blog
14 5월 2013 - 12:20AM
Zacks
The shares of oilfield service
company, Core Laboratories N.V. (CLB) soared to a
52-week high of $147.16 on Friday, May 10, 2013, buoyed by a slew
of positive developments. The closing price of the company on May
10 was $147.04, representing an impressive year-to-date return of
about 31%.
Core Labs has delivered a positive earnings surprise in three of
the last four quarters with an average beat of 2.87%. The company
has a market cap of $6.73 billion and a long-term expected earnings
growth rate of 18.0%.
During the recently reported quarter, Core Labs’ top and bottom
lines surpassed their respective Zacks Consensus Estimate as well
as the year-ago results. The company’s constant emphasis on
international crude-oil developments (mainly in deepwater), its
global high-grading unconventional crude oil and natural gas
opportunities and improvements in operations in North America
complemented the results.
We expect Core Labs’ key international markets – including the
Middle East, Asia Pacific, and East and West Africa – to improve
further into 2013. Considering that approximately 50% of the
company’s total revenue comes from outside the U.S., this should be
highly beneficial for Core Labs. Additionally, the ‘Production
Enhancement’ segment should continue to reap rewards from the
drilling and service trends in North American oil and liquids rich
shales.
Additionally, Core Labs’ technology-heavy portfolio of proprietary
products and services gives it the opportunity to optimize
production from new and existing fields. The company remains well
positioned onshore U.S. given its strong presence in the emerging
shale plays, where activity levels are not affected by the ongoing
financial turmoil and commodity-price uncertainty.
However, Core Labs relies on its ability to develop and acquire
essential products and technologies that drive its operational
performance and growth. If these technologies and/or products
become obsolete or cannot be brought to market in a timely and
competitive manner, the company might face severe operational and
financial dilemmas.
This accounts for Core Labs’ current Zacks Rank #3 (Hold), implying
that it is expected to perform in line with the broader U.S. equity
market over the next one to three months.
There are however certain other firms in the oilfield service
industry that are expected to perform better than Core Labs and are
worth considering at the current level. These include
Dawson Geophysical Company (DWSN),
Exterran Holdings Inc. (EXH) and Exterran
Partners LP (EXLP). All these stocks sport a Zacks Rank
#1(Strong Buy).
CORE LABS NV (CLB): Free Stock Analysis Report
DAWSON GEOPHYS (DWSN): Free Stock Analysis Report
EXTERRAN HLDGS (EXH): Free Stock Analysis Report
EXTERRAN PTNRS (EXLP): Free Stock Analysis Report
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Zacks Investment Research
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