December 31, 2019 - 11:05 AM EST
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Why Core Laboratories Stock Is Cratering Today

Shares of Core Labs (NYSE: CLB) had tumbled nearly 20% by 10:30 a.m. EST on Tuesday. Driving down the energy stock was a reduction in both its fourth-quarter guidance and its dividend. 

Well completion activity in the U.S. onshore market has been much weaker than Core Labs initially expected during the fourth quarter. Furthermore, the company noted that its discussions with clients regarding work on large projects in international and offshore markets had progressed slower than anticipated.

Because of these factors, the company slashed its guidance for the quarter. It now expects revenue between $154 million and $156 million, which would be below its guidance of $161 million to $163 million. The company also reduced its earnings forecast range from $0.44 to $0.46 per share to $0.37 to $0.38.

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Source: Motley Fool (December 31, 2019 - 11:05 AM EST)

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