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Core Labs (CLB) Reveals Plans to Transfer Domicile to U.S.
Core Laboratories (CLB - Free Report) reports that the company’s board of directors has authorized a reformation plan for the company’s corporate structure, which includes redomiciling the parent company from the Netherlands to the United States (the "Redomestication").
The benefits of Redomestication include a smaller corporate footprint and lesser regulatory hassles, improved efficiencies and opportunities to enhance the company's corporate treasury and other related functions, and a simpler and more efficient tax structure.
The company and its board are confident that the Redomestication will increase shareholder value over time by streamlining its corporate structure, enhancing operational effectiveness, and lowering administrative expenses.
The Redomestication needs to be approved by shareholders, and that vote will be taken at an extraordinary general meeting of Core Lab stockholders, which is planned to take place early in the second quarter of 2023.
Zacks Rank and Key Picks
Core Laboratories is a leading provider of patented and proprietary Reservoir Description and Production Enhancement services and products that optimize the petroleum reservoirs’ performance.
Currently, Core Laboratories carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at stocks like Patterson-UTI Energy (PTEN - Free Report) and Helmerich & Payne (HP - Free Report) , both sporting a Zacks Rank #1 (Strong Buy) and RPC Inc. (RES - Free Report) , holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Patterson-UTI Energy: PTEN beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.23%, on average.
Patterson-UTI is worth approximately $3.47 billion. Its shares have gained 57.3% in the past year.
Helmerich & Payne: Helmerich & Payne is valued at around $4.95 billion. Over the past 60 days, the Zacks Consensus Estimate for HP's fiscal 2023 earnings has been revised 18.8% higher.
Helmerich & Payne, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 124.22%, on average. In the past year, the HP stock has increased by 65.2%.
RPC: RPC Inc. beat earnings estimates in all the trailing four quarters, the average being around 62%. The market capitalization of RES is $1.87 billion. In the past year, the RES stock has increased by 42.8%.
Digging into valuation, RPC currently has a Forward P/E ratio of 6.53. For comparison, its industry has an average Forward P/E of 22.57, which means RPC is trading at a discount to the group.