Civeo Corporation $CVEO Stock: Penn Capital Management Company LLC Reduces Stake

Penn Capital Management Company LLC decreased its stake in shares of Civeo Corporation (NYSE:CVEO) by 42.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 38,696 shares of the business services provider’s stock after selling 28,876 shares during the quarter. Penn Capital Management Company LLC’s holdings in Civeo were worth $1,269,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Engineers Gate Manager LP acquired a new stake in Civeo during the second quarter worth about $217,000. Bank of New York Mellon Corp acquired a new stake in shares of Civeo during the 2nd quarter worth approximately $1,032,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Civeo during the 1st quarter worth approximately $217,000. Arrowstreet Capital Limited Partnership increased its position in shares of Civeo by 12.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 126,478 shares of the business services provider’s stock valued at $3,347,000 after purchasing an additional 13,564 shares during the period. Finally, Sei Investments Co. increased its position in shares of Civeo by 104.2% during the first quarter. Sei Investments Co. now owns 71,487 shares of the business services provider’s stock valued at $1,892,000 after purchasing an additional 36,487 shares during the period. Institutional investors and hedge funds own 81.44% of the company’s stock.

Civeo Stock Performance

NYSE CVEO opened at $35.31 on Wednesday. The company has a 50 day moving average of $32.50 and a 200-day moving average of $31.35. Civeo Corporation has a 1-year low of $20.97 and a 1-year high of $38.06. The firm has a market cap of $365.02 million, a price-to-earnings ratio of -56.05 and a beta of 0.72. The company has a current ratio of 1.71, a quick ratio of 1.65 and a debt-to-equity ratio of 1.48.

Civeo (NYSE:CVEO) last issued its quarterly earnings data on Thursday, October 29th. The business services provider reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.77. Civeo had a negative return on equity of 4.77% and a negative net margin of 1.08%. The firm had revenue of $193.10 million during the quarter, compared to the consensus estimate of $174.05 million. On average, equities analysts forecast that Civeo Corporation will post -0.93 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Bradley J. Dodson sold 23,288 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $37.17, for a total transaction of $865,614.96. Following the transaction, the chief executive officer directly owned 238,178 shares in the company, valued at approximately $8,853,076.26. This represents a 8.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.50% of the company’s stock.

Analysts Set New Price Targets

CVEO has been the subject of a number of recent research reports. Weiss Ratings upgraded Civeo from a “sell (d-)” rating to a “sell (d)” rating in a research note on Monday, August 31st. Northland Securities assumed coverage on shares of Civeo in a research note on Thursday, October 1st. They set an “outperform” rating and a $42.00 price target on the stock. Roth Capital started coverage on shares of Civeo in a report on Thursday, October 1st. They issued a “buy” rating and a $39.00 price target on the stock. Raymond James Financial lowered shares of Civeo from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 1st. Finally, Stifel Nicolaus increased their price objective on shares of Civeo from $37.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, November 3rd. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $43.50.

Civeo Profile

Civeo Corporation is a provider of workforce accommodations and related services for the natural resources and other industries that operate in remote locations. The company develops, owns and operates workforce villages, lodges and other lodging facilities designed to house employees and contractors near work sites. Civeo’s services include room accommodations, food services, housekeeping, facility management, logistics and transportation support. Its facilities are used by customers in sectors such as oil and gas, mining, and infrastructure development, where temporary or long-term workforce housing is needed.