Shares of Netherlands-based Core Laboratories N.V. (
), a provider of reservoir management systems for oil and gas
companies, are down 16% at near $101.60 on volume of 2.04 million
vs the 30-day avg of 287,994 after it late yesterday said it
expects Q3 2012 results to be below its prior guidance.
In trading on Tuesday, shares of Core Laboratories N.V. entered
into oversold territory, according to a report carried by
Previous guidance was based on a flat North American rig count
along with a view to improving activity outside of North America.
Since the end of Q2 2012, the Baker Hughes land rig count for the
U.S is down by 112 units, roughly 6%, while the Canadian rig count
is 30% below prior year levels. The oil rig count peaked at 1,432
in early Aug. 2012 and has since dropped by 22 units. Over the same
period, the gas rig count has decreased by 60 units.
According to MarketWatch, CLB now sees earnings for the current
quarter in a range of $1.09 to $1.13 a share, with revenue pegged
at $240 million to $245 million. Core Lab said it will report
third-quarter results Oct. 17. As for the rest of 2012, Core Lab
said management anticipates that drilling activity will be similar
to third-quarter levels, implying flat profit and revenue
sequentially for the fourth quarter.
CLB trades within a 52-week range of $82.74 - $143.21. Shares
have increased 13% in the last 12 months.