Civeo (NYSE:CVEO) Share Price Crosses Below 50-Day Moving Average – What’s Next?

Civeo Corporation (NYSE:CVEO) shares crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $27.61 and traded as low as $26.90. Civeo shares last traded at $27.0950, with a volume of 164,603 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Weiss Ratings restated a “sell (d)” rating on shares of Civeo in a research report on Monday, December 29th. Stifel Nicolaus increased their target price on Civeo from $33.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $37.00.

Civeo Price Performance

The company has a debt-to-equity ratio of 1.05, a current ratio of 1.54 and a quick ratio of 1.47. The firm has a 50-day moving average of $27.61 and a 200-day moving average of $24.44. The stock has a market cap of $296.69 million, a PE ratio of -17.26 and a beta of 0.65.

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

Insider Activity

In related news, major shareholder Engine Capital Management, Lp sold 9,169 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $29.03, for a total transaction of $266,176.07. Following the completion of the transaction, the insider directly owned 65,461 shares of the company’s stock, valued at approximately $1,900,332.83. This represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Peter Mccann sold 4,000 shares of the stock in a transaction that occurred 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 transaction, the senior vice president directly owned 50,942 shares of the company’s stock, valued at approximately $1,458,978.88. The trade was a 7.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 430,184 shares of company stock valued at $12,390,768 in the last quarter. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Civeo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in Civeo by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 628,158 shares of the business services provider’s stock valued at $14,366,000 after buying an additional 9,784 shares during the last quarter. Blue Owl Capital Holdings LP boosted its stake in Civeo by 16.7% during the fourth quarter. Blue Owl Capital Holdings LP now owns 370,530 shares of the business services provider’s stock valued at $8,474,000 after buying an additional 53,119 shares during the last quarter. Punch & Associates Investment Management Inc. boosted its stake in Civeo by 0.8% during the third quarter. Punch & Associates Investment Management Inc. now owns 275,585 shares of the business services provider’s stock valued at $6,338,000 after buying an additional 2,115 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Civeo by 38.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 189,057 shares of the business services provider’s stock valued at $4,324,000 after buying an additional 52,660 shares during the last quarter. Finally, Boston Partners boosted its stake in Civeo by 12.4% during the fourth quarter. Boston Partners now owns 161,911 shares of the business services provider’s stock valued at $3,703,000 after buying an additional 17,871 shares during the last quarter. 81.44% of the stock is owned by institutional investors.

About Civeo

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.