Billionaire investor David Einhorn called energy services provider Core Laboratories substantially overvalued and said its share price could drop to $62.

Speaking at the annual Sohn Investment Conference in New York, Einhorn stopped short of saying exactly how he was positioned but he has often presented so-called short ideas, including a bet against fracking companies in 2015.

Core Lab shares began dropping as Einhorn kept talking, saying the company's business is not a secular growth story but a cyclical business and that oil prices are unlikely to rally sharply. The stock ended the day down 2.36 percent at $110.75.