Shares of CARBO Ceramics (CRR) Continue Lower After Last Week's Earnings Miss; Barclays Cuts Numbers

Last Thursday, before the opening bell, CARBO Ceramics (NYSE: CRR) reported Q4 earnings of $1.43 per share, well below analyst estimates of $1.70 (and Barclays of $1.82). Revenues were also dismal, at $158.12 million versus the consensus estimate of $179.24 million (and Barclays $188 mln).

Shares fell about 30 points, from $134 to $104 and has continued trickling lower since.

Last Friday, Tudor Pickering, came out in defense of the stock, and upgraded shares from Accumulate to Buy.

Today, Barclays maintained an Equalweight rating, but cut their price target from $175 to $157. The firm also lowered FY12 EPS estimates from $7.70 to $6.40 and FY13 from $9.45 to $8.50.

Analyst, James C. West, said, "Fundamentals Remain Strong: CARBO Ceramics continues to benefit from significant levels of horizontal drilling activity in the U.S. shales; however, the move to liquids-rich basins from natural gas plays presents logistical challenges. We view these issues as transitory and believe underlying demand for ceramic proppant will remain strong."

To see more ratings on CRR, Click Here

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