We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Core Labs (CLB) Hit by Russia Conflict, Pegs Down Q1 View
Read MoreHide Full Article
Shares in oilfield services firm Core Laboratories (CLB - Free Report) slid more than 4% in extended trading after the company warned of falling earnings and revenues as the Russia-Ukraine crisis began to bite. Citing an impact on service revenues and product sales, the firm lowered its first-quarter revenue guidance to $110-$113 million from the prior $117-$122 million and its EPS view to 5-8 cents from 16-20 cents. Meanwhile, operating margin is now expected in the range of 5-6%, compared with 11% earlier.
The company said that cyberattacks on third -party units — prior to Russia’s full-scale invasion of Ukraine — hampered business by scuttling demand for crude-oil assay work, especially in Europe. According to CLB, such work continues to suffer in Europe, Russia and Ukraine as the war drags on. Core Laboratories further informed that it has put its Ukrainian operations on hold in order to protect workers, while suspending production sales delivery in the country.
In addition to the geopolitical risks, CLB suffered operational hiccups after a much larger-than-usual number of its employees tested positive for COVID during the first quarter. The surge in cases not only led to lockdowns and government-imposed curbs but also deferred certain client-backed projects.
Core Laboratories is scheduled to report first-quarter results on Apr 27. The current Zacks Consensus Estimate for the to-be-reported quarter is a profit of 18 cents per share on revenues of $121 million.
Concurrent with the revised first -quarter guidance, Core Llaboratories also announced a deal involving a number of energy companies to provide carbon capture and sequestration (“‘CCS”’) solution. The project involves technical evaluation and assurance services for underground CCS study. To support this joint-industry consortium, CLB will be leveraging its technical knowhow in subsurface evaluation.
The Netherlands-based Core Laboratories deals with providing reservoir management and production enhancement services to the oil and gas companies.
Centennial Resource Development: Centennial Resource Development is valued at some $2.2 billion. The Zacks Consensus Estimate for CDEV’s 2022 earnings has been revised 22.3% upward over the past 60 days.
Centennial Resource Development, headquartered in Denver, CO, delivered a 30% beat in Q4. CDEV shares have gained around 86.5% in a year.
ConocoPhillips: ConocoPhillips is valued at around $123 billion. The consensus estimate for COP’s 2022 earnings has been revised 23.6% upward over the past 60 days.
COP beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 12.6%. ConocoPhillips has rallied around 82.9% in a year.
Marathon Oil: Marathon Oil has a projected earnings growth rate of 95.5% for this year. The Zacks Consensus Estimate for MRO’s 2022 earnings has been revised 40.2% upward over the past 60 days.
Marathon Oil beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 37.4%. MRO shares have gained around 105.2% in a year.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Core Labs (CLB) Hit by Russia Conflict, Pegs Down Q1 View
Shares in oilfield services firm Core Laboratories (CLB - Free Report) slid more than 4% in extended trading after the company warned of falling earnings and revenues as the Russia-Ukraine crisis began to bite. Citing an impact on service revenues and product sales, the firm lowered its first-quarter revenue guidance to $110-$113 million from the prior $117-$122 million and its EPS view to 5-8 cents from 16-20 cents. Meanwhile, operating margin is now expected in the range of 5-6%, compared with 11% earlier.
The company said that cyberattacks on third -party units — prior to Russia’s full-scale invasion of Ukraine — hampered business by scuttling demand for crude-oil assay work, especially in Europe. According to CLB, such work continues to suffer in Europe, Russia and Ukraine as the war drags on. Core Laboratories further informed that it has put its Ukrainian operations on hold in order to protect workers, while suspending production sales delivery in the country.
In addition to the geopolitical risks, CLB suffered operational hiccups after a much larger-than-usual number of its employees tested positive for COVID during the first quarter. The surge in cases not only led to lockdowns and government-imposed curbs but also deferred certain client-backed projects.
Core Laboratories is scheduled to report first-quarter results on Apr 27. The current Zacks Consensus Estimate for the to-be-reported quarter is a profit of 18 cents per share on revenues of $121 million.
Concurrent with the revised first -quarter guidance, Core Llaboratories also announced a deal involving a number of energy companies to provide carbon capture and sequestration (“‘CCS”’) solution. The project involves technical evaluation and assurance services for underground CCS study. To support this joint-industry consortium, CLB will be leveraging its technical knowhow in subsurface evaluation.
The Netherlands-based Core Laboratories deals with providing reservoir management and production enhancement services to the oil and gas companies.
CLB currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Centennial Resource Development , ConocoPhillips (COP - Free Report) and Marathon Oil (MRO - Free Report) . Each of the companies sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Centennial Resource Development: Centennial Resource Development is valued at some $2.2 billion. The Zacks Consensus Estimate for CDEV’s 2022 earnings has been revised 22.3% upward over the past 60 days.
Centennial Resource Development, headquartered in Denver, CO, delivered a 30% beat in Q4. CDEV shares have gained around 86.5% in a year.
ConocoPhillips: ConocoPhillips is valued at around $123 billion. The consensus estimate for COP’s 2022 earnings has been revised 23.6% upward over the past 60 days.
COP beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 12.6%. ConocoPhillips has rallied around 82.9% in a year.
Marathon Oil: Marathon Oil has a projected earnings growth rate of 95.5% for this year. The Zacks Consensus Estimate for MRO’s 2022 earnings has been revised 40.2% upward over the past 60 days.
Marathon Oil beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 37.4%. MRO shares have gained around 105.2% in a year.