Short Interest in Civeo Corporation (NYSE:CVEO) Rises By 113.5%

Civeo Corporation (NYSE:CVEO) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totaling 1,015,220 shares, an increase of 113.5% from the June 30th total of 475,530 shares. Currently, 9.9% of the shares of the stock are sold short. Based on an average trading volume of 225,657 shares, the short-interest ratio is currently 4.5 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of 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 issued a Sell rating to the stock. According to MarketBeat, Civeo has a consensus rating of “Hold” and an average target price of $37.00.

Civeo Price Performance

Shares of NYSE CVEO traded down $0.07 during trading on Tuesday, reaching $34.42. The company had a trading volume of 34,545 shares, compared to its average volume of 94,328. The company has a current ratio of 1.88, a quick ratio of 1.81 and a debt-to-equity ratio of 1.32. Civeo has a twelve month low of $19.75 and a twelve month high of $36.50. The stock has a 50-day moving average price of $33.67 and a two-hundred day moving average price of $30.08. The stock has a market capitalization of $376.61 million, a PE ratio of -28.92 and a beta of 0.73.

Civeo (NYSE:CVEO) last posted its quarterly earnings data on Friday, May 1st. The business services provider reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.27. Civeo had a negative return on equity of 7.72% and a negative net margin of 2.10%.The firm had revenue of $172.67 million during the quarter, compared to analysts’ expectations of $154.70 million. As a group, sell-side analysts predict that Civeo will post -1.11 earnings per share for the current year.

Hedge Funds Weigh In On Civeo

Several institutional investors have recently added to or reduced their stakes in CVEO. Clearstead Advisors LLC increased its position in Civeo by 191.8% during the fourth quarter. Clearstead Advisors LLC now owns 1,538 shares of the business services provider’s stock worth $35,000 after purchasing an additional 1,011 shares during the last quarter. State of Wyoming acquired a new stake in Civeo during the 2nd quarter worth approximately $66,000. OMERS ADMINISTRATION Corp purchased a new position in Civeo in the first quarter valued at approximately $217,000. Goldman Sachs Group Inc. purchased a new stake in Civeo during the first quarter worth approximately $204,000. Finally, ExodusPoint Capital Management LP acquired a new stake in shares of Civeo in the fourth quarter worth $573,000. 81.44% of the stock is currently owned by institutional investors and hedge funds.

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.