Civeo (NYSE:CVEO) Shares Pass Above 50 Day Moving Average – Here’s Why

Civeo Corporation (NYSE:CVEO)’s stock price crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $33.29 and traded as high as $33.94. Civeo shares last traded at $30.02, with a volume of 325,270 shares traded.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Civeo from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday, June 15th. One 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $37.00.

Civeo Stock Performance

The business’s fifty day moving average price is $33.28 and its two-hundred day moving average price is $28.89. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.81 and a current ratio of 1.88. The stock has a market capitalization of $328.42 million, a P/E ratio of -25.23 and a beta of 0.73.

Civeo (NYSE:CVEO) last released its quarterly earnings results on Friday, May 1st. The business services provider reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.61) by $0.27. The company had revenue of $172.67 million during 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, sell-side analysts forecast that Civeo Corporation will post -1.1 earnings per share for the current year.

Institutional Investors Weigh In On Civeo

Hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Owl Capital Holdings LP lifted its stake in Civeo by 16.7% in the fourth quarter. Blue Owl Capital Holdings LP now owns 370,530 shares of the business services provider’s stock worth $8,474,000 after purchasing an additional 53,119 shares during the last quarter. Millennium Management LLC boosted its holdings in Civeo by 217.7% during the 3rd quarter. Millennium Management LLC now owns 128,810 shares of the business services provider’s stock valued at $2,963,000 after acquiring an additional 88,267 shares during the period. Empowered Funds LLC grew its position in Civeo by 5.5% in the 4th quarter. Empowered Funds LLC now owns 109,216 shares of the business services provider’s stock valued at $2,498,000 after acquiring an additional 5,702 shares during the last quarter. Goldman Sachs Group Inc. purchased a new stake in Civeo in the fourth quarter worth $2,290,000. Finally, Lido Advisors LLC lifted its position in shares of Civeo by 12.7% during the fourth quarter. Lido Advisors LLC now owns 25,909 shares of the business services provider’s stock worth $596,000 after purchasing an additional 2,916 shares during the last quarter. Hedge funds and other institutional investors own 81.44% of the company’s stock.

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.