Larry, If you believe the forecast 2013 earnings of $5.59/share (Yahoo)and use a PE of 30, you come up with a projected price of $168 sometime in 2013. I have been following this company for years and have found that it usually trades at 30 times forward earnings sometime within the period.
I feel that it is a very reasonable entry point RIGHT NOW with very little downside risk and plenty of upside potential looking forward. Core Labs has a very sound growth record over the years. Don't forget that rather recently we saw $143/share before the selloff of everything that was oil & gas related.
This is all IMHO. I feel very secure with my personal holdings of CLB and wouldn't hesitate buying more at the current levels if I had the available cash. I am currently overweighted in KOG (Kodiak Oil & Gas) and could highly recommend a look at KOG.
2012EPS est is $4.77, 30 times that is $143, your projected stock price for 2011, the one high trade all 2011 was $120. Big diff between $143 and $120 so do not try and BS people about this outrageous multiple especially since you pick the absolute high for the year.
And also it should would benice if people could sell at the high of the year and that is how they base their stock price targets. Absolutely ridiculous.
For fun do the same analysis for the low of the stock, you wil be shocked how low a multiple CLB trades every year. Just in the last qtr alone of 2011 CLB traded from $82.74 to $120 or a 13.9 mulitple.
in first place i did not even have hxl on radar or list, but i believe you can throw every chart or reason for these stocks to go down and you may be right, but the underlying fact of the matter is that oil is down thirty percent and i believe that it is a heck of a lot closer to the bottom than the top. but i could be wrong or right too.