Will Core Laboratories N.V. (CLB) Short Squeeze Soon? The Stock Formed a Bearish Double Bottom Pattern

December 7, 2017 - By Peter Erickson

Investors sentiment increased to 1.08 in 2017 Q2. Its up 0.06, from 1.02 in 2017Q1. It is positive, as 34 investors sold Core Laboratories N.V. shares while 106 reduced holdings. 43 funds opened positions while 108 raised stakes. 46.43 million shares or 2.52% more from 45.29 million shares in 2017Q1 were reported.
The California-based Ltd Ca has invested 1.3% in Core Laboratories N.V. (NYSE:CLB). Millennium Ltd Liability Corp, a New York-based fund reported 746,342 shares. Prudential Public Limited Co invested in 400,000 shares or 0.13% of the stock. Canada Pension Plan Board, Ontario – Canada-based fund reported 10 shares. Gradient Investments invested in 1,200 shares or 0.01% of the stock. Captrust Fincl holds 0% or 10 shares. Airain Limited, a Guernsey-based fund reported 2,324 shares. First Mercantile Trust stated it has 4,955 shares or 0.09% of all its holdings. Creative Planning has invested 0% of its portfolio in Core Laboratories N.V. (NYSE:CLB). Bb&T has invested 0.06% in Core Laboratories N.V. (NYSE:CLB). Ariel Ltd stated it has 323,383 shares or 0.39% of all its holdings. Brown Advisory owns 21,179 shares for 0.01% of their portfolio. 14,343 were accumulated by Tudor Et Al. Ls Invest Advsr Limited Liability Corp holds 0.01% or 904 shares. Jackson Square Ptnrs Llc accumulated 446,154 shares or 0.23% of the stock.

The chart of Core Laboratories N.V. (CLB) shows a double bottom with $93.75 target or 5.00 % below today’s $98.68 share price. The 6 months chart pattern indicates high risk for the $4.36B company. It was reported on Dec, 7 by Finviz.com. If the $93.75 price target is reached, the company will be worth $217.80M less. Double bottoms are rare but powerful chart patterns.

The stock increased 0.03% or $0.03 during the last trading session, reaching $98.68. About 254,092 shares traded. Core Laboratories N.V. (NYSE:CLB) has declined 5.82% since December 7, 2016 and is downtrending. It has underperformed by 22.52% the S&P500.

Analysts await Core Laboratories N.V. (NYSE:CLB) to report earnings on January, 24. They expect $0.58 EPS, up 41.46 % or $0.17 from last year’s $0.41 per share. CLB’s profit will be $25.60 million for 42.53 P/E if the $0.58 EPS becomes a reality. After $0.48 actual EPS reported by Core Laboratories N.V. for the previous quarter, Wall Street now forecasts 20.83 % EPS growth.

Core Laboratories N.V. (NYSE:CLB) Ratings Coverage

Among 23 analysts covering Core Laboratories (NYSE:CLB), 13 have Buy rating, 0 Sell and 10 Hold. Therefore 57% are positive. Core Laboratories had 49 analyst reports since August 24, 2015 according to SRatingsIntel. The stock of Core Laboratories N.V. (NYSE:CLB) has “Buy” rating given on Thursday, October 6 by DA Davidson. The firm has “Perform” rating given on Tuesday, January 12 by Oppenheimer. The stock of Core Laboratories N.V. (NYSE:CLB) earned “Neutral” rating by Citigroup on Monday, May 16. RBC Capital Markets maintained Core Laboratories N.V. (NYSE:CLB) on Friday, September 1 with “Buy” rating. The company was maintained on Tuesday, April 19 by Morgan Stanley. The rating was initiated by UBS with “Neutral” on Tuesday, December 13. The rating was maintained by UBS on Wednesday, October 25 with “Neutral”. The stock of Core Laboratories N.V. (NYSE:CLB) has “Buy” rating given on Friday, April 21 by Loop Capital. On Wednesday, October 25 the stock rating was upgraded by ABN Amro to “Buy”. The rating was initiated by JP Morgan with “Overweight” on Friday, June 10.

More recent Core Laboratories N.V. (NYSE:CLB) news were published by: Nasdaq.com which released: “Core Laboratories Reaches Analyst Target Price” on November 07, 2017. Also Nasdaq.com published the news titled: “Core Laboratories Breaks Above 200-Day Moving Average – Bullish for CLB” on December 01, 2017. Finance.Yahoo.com‘s news article titled: “Why Is Core Laboratories (CLB) Up 15.1% Since the Last Earnings Report?” with publication date: November 23, 2017 was also an interesting one.

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