Civeo (NYSE:CVEO) Price Target Raised to $37.00

Civeo (NYSE:CVEO) had its price objective increased by Stifel Nicolaus from $33.00 to $37.00 in a research report report published on Wednesday morning, MarketBeat.com reports. The firm currently has a buy rating on the business services provider’s stock.

CVEO has been the subject of a number of other research reports. Zacks Research raised shares of Civeo from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 20th. Weiss Ratings restated a “sell (d)” rating on shares of Civeo in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $37.00.

Civeo Stock Performance

Shares of CVEO opened at $28.90 on Wednesday. The company has a market cap of $316.46 million, a PE ratio of -18.41, a price-to-earnings-growth ratio of 79.12 and a beta of 0.57. The company has a current ratio of 1.54, a quick ratio of 1.57 and a debt-to-equity ratio of 1.05. The stock has a 50-day moving average price of $26.12 and a 200-day moving average price of $23.74. Civeo has a 12-month low of $18.01 and a 12-month high of $29.68.

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

Insider Activity at Civeo

In other news, SVP Peter Mccann sold 4,000 shares of the company’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $28.64, for a total value of $114,560.00. Following the completion of the sale, the senior vice president owned 50,942 shares of the company’s stock, valued at approximately $1,458,978.88. This represents a 7.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Engine Capital Management, Lp sold 417,015 shares of the company’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $28.80, for a total transaction of $12,010,032.00. Following the completion of the sale, the insider directly owned 66,119 shares of the company’s stock, valued at $1,904,227.20. This trade represents a 86.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 430,184 shares of company stock worth $12,390,768 over the last three months. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Civeo

A number of large investors have recently added to or reduced their stakes in CVEO. Goldman Sachs Group Inc. purchased a new stake in Civeo during the first quarter valued at about $204,000. Empowered Funds LLC grew its stake in shares of Civeo by 5.5% during the first quarter. Empowered Funds LLC now owns 106,318 shares of the business services provider’s stock valued at $2,445,000 after buying an additional 5,570 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Civeo by 5.0% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 37,029 shares of the business services provider’s stock worth $855,000 after buying an additional 1,759 shares during the period. American Century Companies Inc. lifted its stake in shares of Civeo by 7.4% in the 2nd quarter. American Century Companies Inc. now owns 470,826 shares of the business services provider’s stock valued at $10,871,000 after acquiring an additional 32,452 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Civeo in the 2nd quarter valued at about $255,000. Hedge funds and other institutional investors own 81.44% of the company’s stock.

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.