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

Civeo Corporation (NYSE:CVEO) shares passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $32.89 and traded as high as $33.50. Civeo shares last traded at $32.98, with a volume of 105,044 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CVEO. Weiss Ratings upgraded shares of Civeo from a “sell (d-)” rating to a “sell (d)” rating in a research note on Monday, June 15th. Stifel Nicolaus upped their target price on shares of Civeo from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $37.00.

Civeo Stock Up 2.4%

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 stock has a market capitalization of $370.72 million, a P/E ratio of -28.48 and a beta of 0.74. The firm has a 50 day moving average of $33.05 and a 200-day moving average of $28.54.

Civeo (NYSE:CVEO) last posted its quarterly earnings results on Friday, May 1st. The business services provider reported ($0.34) EPS for the quarter, beating the consensus estimate 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. On average, equities research analysts expect that Civeo Corporation will post -1.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. bought a new stake in Civeo in the 4th quarter valued at $2,290,000. Millennium Management LLC lifted its holdings in shares of Civeo by 217.7% during the 3rd quarter. Millennium Management LLC now owns 128,810 shares of the business services provider’s stock worth $2,963,000 after acquiring an additional 88,267 shares during the period. Blue Owl Capital Holdings LP boosted its position in shares of Civeo by 16.7% during the 4th quarter. Blue Owl Capital Holdings LP now owns 370,530 shares of the business services provider’s stock valued at $8,474,000 after acquiring an additional 53,119 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Civeo by 38.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 189,057 shares of the business services provider’s stock valued at $4,324,000 after acquiring an additional 52,660 shares in the last quarter. Finally, Sei Investments Co. increased its stake in Civeo by 104.2% in the first quarter. Sei Investments Co. now owns 71,487 shares of the business services provider’s stock valued at $1,892,000 after acquiring an additional 36,487 shares during the period. 81.44% of the stock is owned by institutional investors.

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.