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CLB

Core Laboratories NYSE:CLB Stock Report

Last Price

US$13.33

Market Cap

US$617.5m

7D

-19.5%

1Y

-54.1%

Updated

26 Sep, 2022

Data

Company Financials +
CLB fundamental analysis
Snowflake Score
Valuation2/6
Future Growth4/6
Past Performance1/6
Financial Health3/6
Dividends0/6

CLB Stock Overview

Core Laboratories N.V. provides reservoir description and production enhancement services and products to the oil and gas industry in the United States, Canada, and internationally.

Core Laboratories Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Core Laboratories
Historical stock prices
Current Share PriceUS$13.33
52 Week HighUS$35.83
52 Week LowUS$13.19
Beta2.59
1 Month Change-20.89%
3 Month Change-34.43%
1 Year Change-54.07%
3 Year Change-71.41%
5 Year Change-86.49%
Change since IPO344.33%

Recent News & Updates

Sep 26
Returns On Capital At Core Laboratories (NYSE:CLB) Paint A Concerning Picture

Returns On Capital At Core Laboratories (NYSE:CLB) Paint A Concerning Picture

Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth phase...

Aug 24
Core Laboratories N.V. (NYSE:CLB) Shares Could Be 33% Below Their Intrinsic Value Estimate

Core Laboratories N.V. (NYSE:CLB) Shares Could Be 33% Below Their Intrinsic Value Estimate

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Core Laboratories N.V...

Aug 12

Core Laboratories: A Speculative Buy At Present Levels

Core Lab has just come through an awful quarter and its shares are reflective of that. Its legacy offshore reservoir description business could be on the rise, and the company has a number of other levers to pull. We think CLB is a speculative buy for growth that will come as oil companies return to long cycle development. Introduction Every so often, the market tosses us a bone. The selloff in Core Laboratories N.V. (CLB) could be one such bone, depending on your risk profile. Better times are coming for CLB due to a shift in priorities to conventional reservoirs in the offshore environment. More on that in a minute. I will also note that I've covered CLB a number of times previously, and commend you to those articles for deep background on this company. CLB price chart (Seeking Alpha) Core Labs has a long history in the oilfield, with its primary legacy competence in Reservoir Description services. In recent years, they've expanded their remit to Production Enhancement services, putting them in competition with some of the other companies we cover. That's ok, because over the last few years, Schlumberger (SLB), Halliburton (HAL), and Baker Hughes (BKR) have entered the reservoir description business. Tit-for-tat. CLB also has several new offerings to the industry that should provide traction in an expanding market. In particular, some countries are interested in their experience in U.S. shale as they look to characterize and explore their own unconventional and CCUS potential. I think CLB is in a buy zone for investors with an aggressive risk profile, at current prices, and will discuss why in this article. The Macro Environment For CLB Rystad notes in a June letter that budgets for offshore E&P related expenditures are on the increase. You will note in the graphic below that most of the money buckets are on the increase for this year and the next. CLB can stick a straw in all but one of those buckets to draw revenue. Rystad notes the obvious as regards the EU pivoting to development of their own oil and gas supplies as they increasingly shun Russian sources. This would present vast opportunities for players within the rig and well segment as European energy consumers would be forced to find large replacement volumes within a short space of time. Even if the EU stops short of a full freeze on imports of Russian crude, it appears inevitable that Europe will heavily reduce its imports from Russia and will be shopping for alternative sources of oil supply. Rystad Evaluation Services, Drilling Materials, Drilling Services, and Well Intervention all can fall under CLB's remit. In some areas, particularly reservoir evaluation services, they have a substantial moat. CEO, Larry Bruno, commented in this regard- I visited with our major clients across the Middle East region. Key takeaways from those visits include: one, all of our clients have significant production growth plans over the next several years; two, project work for Core Lab has started to pick up and the growth in work volume is expected to accelerate as we move into the second half of 2022 and beyond. Source The Thesis For CLB As noted above, their legacy reservoir description business thrives when long cycle projects are on the rise. With the dearth of long cycle capex the last few years as low oil prices forced operators to focus on short cycle shale and low risk tie-backs, a renewed focus on finding new conventional reserves will benefit Core Labs. As noted above, they have a number of other levers to pull that should drive business their way in the coming long cycle expansion, as well as in-fill type work. Lever #1 Applying reservoir description services to lithium resources. This mineral is in high demand for EV batteries, and current supplies are inadequate to meet future demand. Core has a project underway in Nevada at the present. Larry Bruno comments- During the second quarter of 2022 Core Lab under the direction of 3PL Operating, Inc. commenced work on a multi-well core project to evaluate lithium production opportunities from Railroad Valley in Central Nevada. 3PL Operating has targeted a Pliocene continental evaporite sequence with extensive metalliferous deposits that include sodium, phosphorus, tungsten, boron, lithium and other metals, potentially making the Railroad Valley deposit one of the most promising in the world of this type. Source Lever #2 Plug and abandonment (P&A) work will be on the rise as older wells reach terminal decline, and await their final appointment with a slug of cement. The normal process for this can be tricky and expensive time-wise, and technology that improves the process is an easy sell. Larry Bruno comments on the new Helios perforating technology- During the second quarter of 2022, working with a client in North Sea, Core Lab successfully launched its innovative energetic perforating system, Helios, aimed at improving the efficiency of plug-and-abandonment programs. The Helios technologies unique engineering and design generates a high-density perforation matrix that provides access to the cement between the outermost layer of casing and the geologic formation. The Helios perforation matrix creates an optimized design that allows for greater circulation and more efficient debris removal in the annular space during perf and wash operations. Source

Aug 04

Core Laboratories goes ex-dividend tomorrow

Core Laboratories (NYSE:CLB) had declared $0.01/share quarterly dividend, in line with previous. Payable Aug. 29; for shareholders of record Aug. 8; ex-div Aug. 5. See CLB Dividend Scorecard, Yield Chart, & Dividend Growth.

Shareholder Returns

CLBUS Energy ServicesUS Market
7D-19.5%-11.3%-5.2%
1Y-54.1%8.7%-23.0%

Return vs Industry: CLB underperformed the US Energy Services industry which returned 8.7% over the past year.

Return vs Market: CLB underperformed the US Market which returned -23% over the past year.

Price Volatility

Is CLB's price volatile compared to industry and market?
CLB volatility
CLB Average Weekly Movement8.9%
Energy Services Industry Average Movement8.9%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: CLB is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: CLB's weekly volatility (9%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19363,600Larry Brunohttps://www.corelab.com

Core Laboratories N.V. 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.

Core Laboratories Fundamentals Summary

How do Core Laboratories's earnings and revenue compare to its market cap?
CLB fundamental statistics
Market CapUS$617.51m
Earnings (TTM)US$8.74m
Revenue (TTM)US$479.32m

70.7x

P/E Ratio

1.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CLB income statement (TTM)
RevenueUS$479.32m
Cost of RevenueUS$384.81m
Gross ProfitUS$94.51m
Other ExpensesUS$85.77m
EarningsUS$8.74m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.19
Gross Margin19.72%
Net Profit Margin1.82%
Debt/Equity Ratio107.6%

How did CLB perform over the long term?

See historical performance and comparison

Dividends

0.3%

Current Dividend Yield

21%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is CLB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CLB?

Other financial metrics that can be useful for relative valuation.

CLB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.8x
Enterprise Value/EBITDA16.7x
PEG Ratio1x

Price to Earnings Ratio vs Peers

How does CLB's PE Ratio compare to its peers?

CLB PE Ratio vs Peers
The above table shows the PE ratio for CLB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average28.6x
WTTR Select Energy Services
37.5x74.9%US$731.1m
SOI Solaris Oilfield Infrastructure
29.2x61.0%US$413.6m
AROC Archrock
30.4x15.8%US$980.4m
RES RPC
17.4x27.2%US$1.4b
CLB Core Laboratories
70.7x73.0%US$617.5m

Price-To-Earnings vs Peers: CLB is expensive based on its Price-To-Earnings Ratio (70.7x) compared to the peer average (28.6x).


Price to Earnings Ratio vs Industry

How does CLB's PE Ratio compare vs other companies in the US Energy Services Industry?

Price-To-Earnings vs Industry: CLB is expensive based on its Price-To-Earnings Ratio (70.7x) compared to the US Energy Services industry average (24.4x)


Price to Earnings Ratio vs Fair Ratio

What is CLB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CLB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio70.7x
Fair PE Ratio41.2x

Price-To-Earnings vs Fair Ratio: CLB is expensive based on its Price-To-Earnings Ratio (70.7x) compared to the estimated Fair Price-To-Earnings Ratio (41.2x).


Share Price vs Fair Value

What is the Fair Price of CLB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CLB ($13.33) is trading below our estimate of fair value ($25.69)

Significantly Below Fair Value: CLB is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is Core Laboratories forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


73.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CLB's forecast earnings growth (73% per year) is above the savings rate (1.9%).

Earnings vs Market: CLB's earnings (73% per year) are forecast to grow faster than the US market (14.6% per year).

High Growth Earnings: CLB's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CLB's revenue (7.4% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: CLB's revenue (7.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CLB's Return on Equity is forecast to be high in 3 years time (28.6%)


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Past Performance

How has Core Laboratories performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-35.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CLB has high quality earnings.

Growing Profit Margin: CLB's current net profit margins (1.8%) are lower than last year (7.4%).


Past Earnings Growth Analysis

Earnings Trend: CLB's earnings have declined by 35.7% per year over the past 5 years.

Accelerating Growth: CLB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CLB had negative earnings growth (-73.6%) over the past year, making it difficult to compare to the Energy Services industry average (44.1%).


Return on Equity

High ROE: CLB's Return on Equity (5.2%) is considered low.


Discover strong past performing companies

Financial Health

How is Core Laboratories's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: CLB's short term assets ($199.6M) exceed its short term liabilities ($95.9M).

Long Term Liabilities: CLB's short term assets ($199.6M) do not cover its long term liabilities ($307.9M).


Debt to Equity History and Analysis

Debt Level: CLB's net debt to equity ratio (98.3%) is considered high.

Reducing Debt: CLB's debt to equity ratio has reduced from 154.9% to 107.6% over the past 5 years.

Debt Coverage: CLB's debt is not well covered by operating cash flow (13.4%).

Interest Coverage: CLB's interest payments on its debt are well covered by EBIT (3.1x coverage).


Balance Sheet


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Dividend

What is Core Laboratories's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


0.30%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: CLB's dividend (0.3%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.66%).

High Dividend: CLB's dividend (0.3%) is low compared to the top 25% of dividend payers in the US market (4.57%).


Stability and Growth of Payments

Stable Dividend: CLB is not paying a notable dividend for the US market, therefore no need to check if payments are stable.

Growing Dividend: CLB is not paying a notable dividend for the US market, therefore no need to check if payments are increasing.


Earnings Payout to Shareholders

Earnings Coverage: CLB is not paying a notable dividend for the US market.


Cash Payout to Shareholders

Cash Flow Coverage: CLB is not paying a notable dividend for the US market.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

4.3yrs

Average management tenure


CEO

Larry Bruno (62 yo)

4.58yrs

Tenure

US$6,548,130

Compensation

Mr. Lawrence V. Bruno, also known as Larry, serves as Chairman of Supervisory Board and Chief Exertive Officer at Core Laboratories N.V. since May 20, 2020. He has been Supervisory Director of Core Laborat...


CEO Compensation Analysis

Larry Bruno's Compensation vs Core Laboratories Earnings
How has Larry Bruno's remuneration changed compared to Core Laboratories's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$9m

Mar 31 2022n/an/a

US$10m

Dec 31 2021US$7mUS$820k

US$20m

Sep 30 2021n/an/a

US$31m

Jun 30 2021n/an/a

US$33m

Mar 31 2021n/an/a

US$19m

Dec 31 2020US$5mUS$820k

-US$97m

Sep 30 2020n/an/a

-US$101m

Jun 30 2020n/an/a

-US$80m

Mar 31 2020n/an/a

-US$55m

Dec 31 2019US$3mUS$531k

US$94m

Sep 30 2019n/an/a

US$92m

Jun 30 2019n/an/a

US$90m

Mar 31 2019n/an/a

US$96m

Dec 31 2018US$3mUS$425k

US$80m

Compensation vs Market: Larry's total compensation ($USD6.55M) is above average for companies of similar size in the US market ($USD4.14M).

Compensation vs Earnings: Larry's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: CLB's management team is considered experienced (4.3 years average tenure).


Board Members

Experienced Board: CLB's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NYSE:CLB Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
01 May 22SellUS$4,524Mark TattoliIndividual174US$26.00
01 Apr 22SellUS$64,276Michael StraughenIndividual1,982US$32.43
31 Dec 21SellUS$405,886Lawrence BrunoIndividual18,193US$22.31

Ownership Breakdown

What is the ownership structure of CLB?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders298,1680.6%
General Public420,6060.9%
Institutions45,606,03398.4%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 84.39% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
20.55%
Ariel Investments, LLC
9,518,684$126.9m3.64%1.26%
11.01%
The Vanguard Group, Inc.
5,098,389$68.0m0.34%no data
10.05%
BlackRock, Inc.
4,654,195$62.0m-17.37%no data
8.69%
Fred Alger Management, LLC
4,024,590$53.6m-4.88%0.26%
7.13%
EARNEST Partners, LLC
3,303,575$44.0m-2.87%0.3%
4.3%
Boston Trust Walden Company
1,993,528$26.6m0%0.27%
2.89%
Van Eck Associates Corporation
1,340,510$17.9m-30.09%0.04%
2.8%
State Street Global Advisors, Inc.
1,296,812$17.3m-3.84%no data
1.87%
Bank of America Corporation, Asset Management Arm
866,775$11.6m476.69%no data
1.86%
Disciplined Growth Investors, Inc.
861,213$11.5m0.64%0.33%
1.32%
Dimensional Fund Advisors LP
610,025$8.1m19.55%no data
1.19%
Douglas Lane & Associates, LLC
550,663$7.3m-6.35%0.14%
1.1%
Congress Asset Management Company, LLP
508,129$6.8m19.06%0.07%
1.04%
SEI Investments Company
482,577$6.4m-1.41%0.01%
1%
Charles Schwab Investment Management, Inc.
463,692$6.2m5.18%no data
0.94%
Managed Account Advisors LLC
436,430$5.8m-5.34%no data
0.91%
State Farm Insurance Companies, Asset Management Arm
423,407$5.6m0%0.01%
0.91%
Geode Capital Management, LLC
420,985$5.6m7.53%no data
0.79%
Norges Bank Investment Management
367,277$4.9m0%no data
0.78%
Columbia Management Investment Advisers, LLC
362,742$4.8m-35.33%no data
0.72%
Invesco Capital Management LLC
335,168$4.5m2.17%no data
0.65%
Sterling Capital Management LLC
301,888$4.0m-1.66%0.07%
0.64%
BNY Mellon Asset Management
297,035$4.0m-1.91%no data
0.63%
Scout Investments, Inc.
293,609$3.9m45.8%0.08%
0.61%
Principal Global Investors, LLC
283,171$3.8m-21.77%no data

Company Information

Core Laboratories N.V.'s employee growth, exchange listings and data sources


Key Information

  • Name: Core Laboratories N.V.
  • Ticker: CLB
  • Exchange: NYSE
  • Founded: 1936
  • Industry: Oil and Gas Equipment and Services
  • Sector: Energy
  • Implied Market Cap: US$617.510m
  • Shares outstanding: 46.32m
  • Website: https://www.corelab.com

Number of Employees


Location

  • Core Laboratories N.V.
  • Van Heuven Goedhartlaan 7 B
  • Amstelveen
  • Noord-Holland
  • 1181 LE
  • Netherlands


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CLBNYSE (New York Stock Exchange)YesCommon SharesUSUSDSep 1995
CEIDB (Deutsche Boerse AG)YesCommon SharesDEEURSep 1995
CLBENXTAM (Euronext Amsterdam)YesCommon SharesNLEURSep 1995
0Q82LSE (London Stock Exchange)YesCommon SharesGBEURSep 1995
CLBABATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURSep 1995
CLB NBMV (Bolsa Mexicana de Valores)YesCommon SharesMXMXNSep 1995

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/26 00:00
End of Day Share Price2022/09/26 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.