Carbo ceramics inc. (crr) rating grow to strong-purchase at zacks investment research – bangaloreweekly

Carbo Ceramics Inc. (NYSE:CRR) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $7.00 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 14.75% from the company’s current price.

According to Zacks, “CARBO Ceramics Inc. is the world’s largest producer and supplier of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells. Demand for ceramic proppants depends primarily upon the demand for natural gas and oil and on the number of natural gas and oil wells drilled, completed or recompleted worldwide.


More specifically, the demand for ceramic proppants is dependent on the number of oil and gas wells that are hydraulically fractured to stimulate production. “

A number of other equities research analysts also recently issued reports on the stock. Scotiabank reiterated a “sector perform” rating and set a $11.00 price target (down from $15.00) on shares of Carbo Ceramics in a research report on Friday. Howard Weil reduced their price target on shares of Carbo Ceramics from $15.00 to $11.00 and set a “sector perform” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $14.28.

Shares of Carbo Ceramics (NYSE:CRR) traded down 1.61% on Monday, reaching $6.10. The company had a trading volume of 2,431,095 shares. The firm’s market capitalization is $151.10 million. Carbo Ceramics has a 1-year low of $5.66 and a 1-year high of $24.20. The firm has a 50-day moving average price of $10.61 and a 200 day moving average price of $12.63.

Carbo Ceramics (NYSE:CRR) last posted its quarterly earnings results on Thursday, October 27th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.74) by $0.07. Carbo Ceramics had a negative net margin of 87.92% and a negative return on equity of 8.00%. The company had revenue of $20.20 million for the quarter, compared to analyst estimates of $26 million. During the same quarter in the previous year, the business posted ($0.60) earnings per share. Carbo Ceramics’s revenue was down 73.4% on a year-over-year basis. Equities research analysts predict that Carbo Ceramics will post ($3.28) earnings per share for the current year.

In related news, insider Gary A. Kolstad acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The stock was purchased at an average cost of $6.04 per share, for a total transaction of $60,400.00. Following the transaction, the insider now directly owns 209,138 shares of the company’s stock, valued at approximately $1,263,193.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 18.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System boosted its stake in Carbo Ceramics by 3.7% in the second quarter. State Board of Administration of Florida Retirement System now owns 18,453 shares of the company’s stock valued at $242,000 after buying an additional 662 shares during the last quarter. California Public Employees Retirement System boosted its stake in Carbo Ceramics by 10.9% in the second quarter. California Public Employees Retirement System now owns 303,300 shares of the company’s stock valued at $3,973,000 after buying an additional 29,900 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Carbo Ceramics during the second quarter valued at approximately $4,405,000. KBC Group NV boosted its stake in Carbo Ceramics by 2,092.1% in the second quarter. KBC Group NV now owns 13,525 shares of the company’s stock valued at $177,000 after buying an additional 12,908 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in Carbo Ceramics by 55.7% in the second quarter. Wedge Capital Management L L P NC now owns 26,567 shares of the company’s stock valued at $348,000 after buying an additional 9,508 shares during the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Carbo Ceramics Inc is an oilfield services technology company. The Company supplies ceramic proppant. The Company also sells sand and resin-coated proppants. Additionally, it provides fracture simulation software, fracture design and consulting services, and a range of technologies for spill prevention, containment and related countermeasures.