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

Civeo Corporation (NYSE:CVEO)’s share price crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $23.54 and traded as high as $26.08. Civeo shares last traded at $25.83, with a volume of 36,363 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CVEO shares. Wall Street Zen upgraded shares of Civeo from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. Zacks Research upgraded shares of Civeo from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 20th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Civeo in a research report on Monday, December 29th. One 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $27.00.

Civeo Trading Up 2.0%

The company has a quick ratio of 1.57, a current ratio of 1.64 and a debt-to-equity ratio of 1.03. The stock’s 50 day moving average is $23.54 and its 200-day moving average is $23.01. The company has a market cap of $297.56 million, a PE ratio of -12.24, a P/E/G ratio of 29.22 and a beta of 0.63.

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

Institutional Investors Weigh In On Civeo

Large investors have recently added to or reduced their stakes in the stock. State of Wyoming bought a new stake in shares of Civeo in the 2nd quarter valued at approximately $66,000. Quent Capital LLC purchased a new position in Civeo during the third quarter worth $79,000. Goldman Sachs Group Inc. bought a new position in Civeo during the first quarter valued at $204,000. XTX Topco Ltd purchased a new stake in shares of Civeo in the second quarter valued at $255,000. Finally, Ritholtz Wealth Management purchased a new stake in shares of Civeo in the second quarter valued at $748,000. 81.44% of the stock is owned by 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.