Civeo Corporation (NYSE:CVEO) Short Interest Update

Civeo Corporation (NYSE:CVEO) was the recipient of a significant decline in short interest in February. As of February 27th, there was short interest totaling 242,366 shares, a decline of 35.3% from the February 12th total of 374,322 shares. Based on an average daily volume of 48,902 shares, the days-to-cover ratio is currently 5.0 days. Currently, 2.3% of the shares of the stock are sold short. Currently, 2.3% of the shares of the stock are sold short. Based on an average daily volume of 48,902 shares, the days-to-cover ratio is currently 5.0 days.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Zacks Research upgraded shares of Civeo from a “strong sell” rating to a “hold” rating in a report on Thursday, November 20th. Weiss Ratings restated a “sell (d)” rating on shares of Civeo in a research note on Monday, December 29th. Finally, Stifel Nicolaus lifted their price objective on Civeo from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Civeo currently has an average rating of “Hold” and a consensus target price of $37.00.

Civeo Stock Down 3.8%

Shares of Civeo stock traded down $1.11 during trading hours on Friday, reaching $28.19. 40,542 shares of the company were exchanged, compared to its average volume of 95,805. The firm has a market cap of $308.66 million, a PE ratio of -17.95 and a beta of 0.57. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.47 and a current ratio of 1.54. Civeo has a 1 year low of $18.01 and a 1 year high of $29.74. The stock’s fifty day moving average is $26.69 and its 200 day moving average is $23.94.

Civeo (NYSE:CVEO) last issued its earnings results on Tuesday, March 3rd. The business services provider reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.15). Civeo had a negative net margin of 3.14% and a negative return on equity of 10.20%. The firm had revenue of $161.62 million during the quarter, compared to analyst estimates of $170.17 million. As a group, equities research analysts forecast that Civeo will post -0.58 earnings per share for the current year.

Insider Activity at Civeo

In other news, SVP Peter Mccann sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $28.64, for a total value of $114,560.00. Following the transaction, the senior vice president directly owned 50,942 shares of the company’s stock, valued at approximately $1,458,978.88. This trade represents a 7.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Engine Capital Management, Lp sold 9,169 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $29.03, for a total transaction of $266,176.07. Following the transaction, the insider owned 65,461 shares in the company, valued at $1,900,332.83. The trade was a 12.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 430,184 shares of company stock valued at $12,390,768 over the last quarter. 4.70% of the stock is owned by company insiders.

Institutional Trading of Civeo

Institutional investors and hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. acquired a new position in Civeo during the fourth quarter worth approximately $2,290,000. Millennium Management LLC grew its position in shares of Civeo by 217.7% during the third quarter. Millennium Management LLC now owns 128,810 shares of the business services provider’s stock worth $2,963,000 after acquiring an additional 88,267 shares during the last quarter. Blue Owl Capital Holdings LP increased its holdings in shares of Civeo by 16.7% in the 4th quarter. Blue Owl Capital Holdings LP now owns 370,530 shares of the business services provider’s stock valued at $8,474,000 after acquiring an additional 53,119 shares during the period. Charles Schwab Investment Management Inc. raised its position in Civeo by 38.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 189,057 shares of the business services provider’s stock valued at $4,324,000 after purchasing an additional 52,660 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in Civeo during the 3rd quarter worth $1,045,000. 81.44% of the stock is owned by hedge funds and other institutional investors.

Civeo Company Profile

Civeo Corporation is a leading provider of workforce accommodations and integrated facility management services, primarily serving the oil and gas, mining, and construction sectors. The company specializes in the development, ownership, and operation of remote lodging facilities, commonly known as “man camps,” designed to house workers in geographically challenging environments. Its services include turnkey accommodations, catering, housekeeping, grounds maintenance, and logistical support, tailored to meet the needs of large-scale energy and resource projects.

With a network of lodges and villages across North America and Australia, Civeo caters to clients operating in regions such as Alberta’s oil sands, the Bakken shale play, and Australia’s Pilbara and Bowen Basin mining districts.