Punch & Associates Investment Management Inc. Sells 78,967 Shares of Civeo Corporation $CVEO

Punch & Associates Investment Management Inc. trimmed its holdings in shares of Civeo Corporation (NYSE:CVEO) by 28.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 196,618 shares of the business services provider’s stock after selling 78,967 shares during the period. Punch & Associates Investment Management Inc. owned 1.71% of Civeo worth $4,497,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CVEO. Goldman Sachs Group Inc. bought a new stake in shares of Civeo during the first quarter worth approximately $204,000. Empowered Funds LLC raised 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 worth $2,445,000 after buying an additional 5,570 shares during the last quarter. State of Wyoming bought a new stake in shares of Civeo during the second quarter worth approximately $66,000. GSA Capital Partners LLP bought a new stake in Civeo in the third quarter valued at approximately $1,045,000. Finally, CenterBook Partners LP bought a new stake in Civeo in the third quarter valued at approximately $930,000. 81.44% of the stock is owned by institutional investors.

Civeo Stock Performance

CVEO stock opened at $33.27 on Wednesday. The business’s 50-day moving average price is $32.23 and its two-hundred day moving average price is $27.96. The company has a current ratio of 1.88, a quick ratio of 1.81 and a debt-to-equity ratio of 1.32. The firm has a market cap of $364.10 million, a PE ratio of -27.96 and a beta of 0.74. Civeo Corporation has a 1-year low of $19.75 and a 1-year high of $36.50.

Civeo (NYSE:CVEO) last posted its earnings results on Friday, May 1st. The business services provider reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.61) by $0.27. The firm had revenue of $172.67 million for the quarter, compared to analyst estimates of $154.70 million. Civeo had a negative return on equity of 7.72% and a negative net margin of 2.10%. As a group, research analysts forecast that Civeo Corporation will post -1.1 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on CVEO. Stifel Nicolaus upped their target price on shares of Civeo from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Weiss Ratings raised Civeo from a “sell (d-)” rating to a “sell (d)” rating in a research note on Monday. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Civeo presently has an average rating of “Hold” and a consensus price target of $37.00.

Civeo 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.