Civeo (CVEO) Shares Up 8.2% on Earnings Beat

Civeo Co. (NYSE:CVEO)’s share price shot up 8.2% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $3.61 and last traded at $3.56. 1,220,663 shares changed hands during trading, an increase of 24% from the average session volume of 985,393 shares. The stock had previously closed at $3.29.

The business services provider reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. Civeo had a negative return on equity of 13.78% and a negative net margin of 19.92%.

A number of research firms have weighed in on CVEO. ValuEngine upgraded Civeo from a “sell” rating to a “hold” rating in a report on Sunday, December 31st. Royal Bank of Canada set a $3.00 target price on Civeo and gave the stock a “hold” rating in a report on Thursday, December 21st. Finally, BidaskClub upgraded Civeo from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $4.17.

In related news, insider Peter Mccann sold 11,727 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $3.29, for a total value of $38,581.83. Following the sale, the insider now owns 104,206 shares in the company, valued at approximately $342,837.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.40% of the company’s stock.

Several institutional investors have recently bought and sold shares of CVEO. Wells Fargo & Company MN grew its stake in shares of Civeo by 116.7% in the 2nd quarter. Wells Fargo & Company MN now owns 90,124 shares of the business services provider’s stock worth $189,000 after buying an additional 48,529 shares during the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of Civeo by 15.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 263,312 shares of the business services provider’s stock worth $553,000 after buying an additional 34,819 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Civeo by 37.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,235,066 shares of the business services provider’s stock worth $4,694,000 after buying an additional 604,605 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Civeo by 36.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 195,752 shares of the business services provider’s stock worth $411,000 after buying an additional 52,742 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Civeo by 18.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 257,595 shares of the business services provider’s stock worth $734,000 after buying an additional 40,215 shares during the last quarter. Institutional investors own 80.55% of the company’s stock.

The firm has a market cap of $435.11, a PE ratio of -5.84 and a beta of 4.92. The company has a current ratio of 2.09, a quick ratio of 2.02 and a debt-to-equity ratio of 0.58.

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Civeo Company Profile

Civeo Corporation is an integrated provider of long-term and temporary remote site accommodations, logistics and facility management services to the natural resource industry. The Company operates in active oil, coal, natural gas and iron ore producing regions, including Canada, Australia and the United States.

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