Civeo (NYSE:CVEO) Stock Price Passes Above 50-Day Moving Average – What’s Next?

Civeo Corporation (NYSE:CVEO)’s share price crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $33.64 and traded as high as $35.66. Civeo shares last traded at $35.02, with a volume of 191,087 shares traded.

Analyst Upgrades and Downgrades

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

Civeo Stock Down 0.7%

The company has a debt-to-equity ratio of 1.32, a current ratio of 1.88 and a quick ratio of 1.81. The company has a market capitalization of $383.12 million, a PE ratio of -29.43 and a beta of 0.73. The business’s 50 day simple moving average is $33.64 and its 200 day simple moving average is $29.93.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CVEO. OMERS ADMINISTRATION Corp purchased a new stake in Civeo in the first quarter valued at $217,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Civeo by 12.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 126,478 shares of the business services provider’s stock valued at $3,347,000 after purchasing an additional 13,564 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Civeo by 104.2% during the 1st quarter. Sei Investments Co. now owns 71,487 shares of the business services provider’s stock worth $1,892,000 after purchasing an additional 36,487 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Civeo by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 639,272 shares of the business services provider’s stock worth $16,915,000 after purchasing an additional 11,114 shares during the period. Finally, Ritholtz Wealth Management increased its position in shares of Civeo by 9.4% during the 1st quarter. Ritholtz Wealth Management now owns 40,352 shares of the business services provider’s stock worth $1,068,000 after purchasing an additional 3,470 shares during the last quarter. 81.44% of the stock is currently owned by hedge funds and other 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.