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

Civeo Corporation (NYSE:CVEO) shares crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $22.74 and traded as high as $24.97. Civeo shares last traded at $24.85, with a volume of 48,030 shares changing hands.

Analysts Set New Price Targets

Several analysts have recently weighed in on CVEO shares. Weiss Ratings restated a “sell (d)” rating on shares of Civeo in a research note on Monday, December 29th. Wall Street Zen upgraded Civeo from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Finally, Zacks Research upgraded Civeo from a “strong sell” rating to a “hold” rating in a report on Thursday, November 20th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $27.00.

Civeo Trading Down 0.3%

The company has a current ratio of 1.64, a quick ratio of 1.57 and a debt-to-equity ratio of 1.03. The company has a market cap of $285.78 million, a price-to-earnings ratio of -11.76, a price-to-earnings-growth ratio of 28.56 and a beta of 0.63. The firm has a 50-day moving average price of $22.80 and a 200 day moving average price of $22.94.

Civeo (NYSE:CVEO) last announced its quarterly earnings data on Friday, October 31st. The business services provider reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.24). Civeo had a negative return on equity of 12.10% and a negative net margin of 4.57%.The firm had revenue of $170.49 million for the quarter, compared to the consensus estimate of $177.04 million. As a group, sell-side analysts forecast that Civeo Corporation will post -0.58 EPS for the current year.

Hedge Funds Weigh In On Civeo

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its position in shares of Civeo by 1.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 618,374 shares of the business services provider’s stock worth $14,222,000 after purchasing an additional 9,870 shares during the period. American Century Companies Inc. grew its stake in Civeo by 7.4% during the 2nd quarter. American Century Companies Inc. now owns 470,826 shares of the business services provider’s stock worth $10,871,000 after buying an additional 32,452 shares during the last quarter. Punch & Associates Investment Management Inc. increased its position in Civeo by 0.8% in the third quarter. Punch & Associates Investment Management Inc. now owns 275,585 shares of the business services provider’s stock worth $6,338,000 after buying an additional 2,115 shares during the period. Boston Partners lifted its stake in Civeo by 8.6% in the third quarter. Boston Partners now owns 144,040 shares of the business services provider’s stock valued at $3,313,000 after buying an additional 11,432 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Civeo by 217.7% in the third quarter. Millennium Management LLC now owns 128,810 shares of the business services provider’s stock valued at $2,963,000 after buying an additional 88,267 shares during the last quarter. 81.44% of the stock is currently owned by institutional investors and hedge funds.

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.