Price Action to Note: Time to Buy CARBO Ceramics Inc. After Reaching 1 Year Low?

Price Action to Note: Time to Buy CARBO Ceramics Inc. After Reaching 1 Year Low?

The stock of CARBO Ceramics Inc. (NYSE:CRR) hit a new 52-week low and has $5.25 target or 14.00% below today’s $6.11 share price. The 7 months bearish chart indicates high risk for the $142.14M company. The 1-year low was reported on Oct, 31 by Barchart.com. If the $5.25 price target is reached, the company will be worth $19.90M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 1.09 million shares traded hands or 20.27% up from the average. CARBO Ceramics Inc. (NYSE:CRR) has declined 58.80% since March 29, 2016 and is downtrending. It has underperformed by 62.28% the S&P500.

Analysts await CARBO Ceramics Inc. (NYSE:CRR) to report earnings on November, 3. They expect $-0.67 earnings per share, down 91.43% or $0.32 from last year’s $-0.35 per share. After $-0.50 actual earnings per share reported by CARBO Ceramics Inc. for the previous quarter, Wall Street now forecasts 34.00% negative EPS growth.

CARBO Ceramics Inc. (NYSE:CRR) Ratings Coverage

Out of 6 analysts covering Carbo Ceramics Inc. (NYSE:CRR), 2 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 33% are positive. Carbo Ceramics Inc. has been the topic of 13 analyst reports since August 24, 2015 according to StockzIntelligence Inc. Cowen & Co maintained CARBO Ceramics Inc. (NYSE:CRR) rating on Friday, October 30. Cowen & Co has “Market Perform” rating and $20 price target. The company was initiated on Monday, December 14 by KLR Group. The firm earned “Sector Perform” rating on Friday, October 28 by Howard Weil. As per Friday, January 29, the company rating was maintained by Howard Weil. The rating was downgraded by Iberia Capital Partners on Monday, September 21 to “Underperform”. Howard Weil maintained the shares of CRR in a report on Thursday, September 10 with “Sector Perform” rating. The firm has “Buy” rating by Guggenheim given on Monday, November 30. On Tuesday, June 7 the stock rating was maintained by Howard Weil with “Sector Perform”.

According to Zacks Investment Research, “CARBO Ceramics Inc. is the world’s largest producer and supplier of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells. Demand for ceramic proppants depends primarily upon the demand for natural gas and oil and on the number of natural gas and oil wells drilled, completed or recompleted worldwide. More specifically, the demand for ceramic proppants is dependent on the number of oil and gas wells that are hydraulically fractured to stimulate production.”

Insitutional Activity: The institutional sentiment decreased to 0.91 in Q2 2016. Its down 0.63, from 1.54 in 2016Q1. The ratio turned negative, as 14 funds sold all CARBO Ceramics Inc. shares owned while 42 reduced positions. 14 funds bought stakes while 37 increased positions. They now own 20.99 million shares or 6.41% less from 22.43 million shares in 2016Q1.
Tiaa Cref Invest Mgmt accumulated 62,690 shares or 0% of the stock. Blackrock Ltd Limited Liability Company reported 683,582 shares or 0.01% of all its holdings. Great West Life Assurance Communications Can has invested 0% of its portfolio in CARBO Ceramics Inc. (NYSE:CRR). Invesco has invested 0% of its portfolio in CARBO Ceramics Inc. (NYSE:CRR). Rhumbline Advisers last reported 0% of its portfolio in the stock. Sei Investments Communications holds 242 shares or 0% of its portfolio. Teacher Retirement System Of Texas holds 0% or 2,916 shares in its portfolio. Manufacturers Life Co The accumulated 13,836 shares or 0% of the stock. Moreover, Balyasny Asset Management Ltd Co has 0.08% invested in CARBO Ceramics Inc. (NYSE:CRR) for 934,772 shares. Oslo Asset Mgmt Asa accumulated 1.12 million shares or 11.87% of the stock. Credit Suisse Ag has 21,305 shares for 0% of their US portfolio. Jpmorgan Chase & owns 7,848 shares or 0% of their US portfolio. Peak6 Investments L P has 6,151 shares for 0% of their US portfolio. Tctc Hldg Limited Com owns 41,880 shares or 0.04% of their US portfolio. The Massachusetts-based Fmr has invested 0.01% in CARBO Ceramics Inc. (NYSE:CRR).

More important recent CARBO Ceramics Inc. (NYSE:CRR) news were published by: Fool.com which released: “Cratering Earnings Cause CARBO Ceramics Inc.’s Stock to Slip” on April 28, 2016, also Seekingalpha.com published article titled: “CARBO Ceramics: Is The Final Nail In The Coffin?”, Seekingalpha.com published: “CARBO Ceramics: A Race Against Time” on May 05, 2016. More interesting news about CARBO Ceramics Inc. (NYSE:CRR) was released by: Seekingalpha.com and their article: “Carbo Ceramics: Did Sales Finally Bottom?” with publication date: August 22, 2016.

CRR Company Profile

Carbo Ceramics Inc., incorporated on June 23, 1987, is an oilfield services technology company. The Firm supplies ceramic proppant. The Firm also sells sand and resin-coated proppants. Additionally, the Company provides fracture simulation software, fracture design and consulting services, and a range of technologies for spill prevention, containment and related countermeasures.

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