Connor Clark & Lunn Investment Management Ltd. Reduces Stake in Civeo Co. (NYSE:CVEO)

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in Civeo Co. (NYSE:CVEO) by 15.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,133 shares of the business services provider’s stock after selling 2,313 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of Civeo worth $271,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC boosted its stake in Civeo by 7.8% in the fourth quarter. Janney Montgomery Scott LLC now owns 11,466 shares of the business services provider’s stock valued at $357,000 after acquiring an additional 833 shares during the last quarter. Marshall Wace LLP boosted its stake in Civeo by 7.7% in the third quarter. Marshall Wace LLP now owns 12,429 shares of the business services provider’s stock valued at $312,000 after acquiring an additional 890 shares during the last quarter. Bank of America Corp DE boosted its stake in Civeo by 466.5% in the fourth quarter. Bank of America Corp DE now owns 1,082 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 891 shares during the last quarter. Dorsey Wright & Associates purchased a new position in Civeo in the fourth quarter valued at about $38,000. Finally, Acadian Asset Management LLC boosted its stake in Civeo by 33.2% in the first quarter. Acadian Asset Management LLC now owns 5,387 shares of the business services provider’s stock valued at $124,000 after acquiring an additional 1,342 shares during the last quarter. 84.97% of the stock is currently owned by hedge funds and other institutional investors.

Civeo Stock Performance

NYSE CVEO opened at $18.60 on Monday. Civeo Co. has a 1 year low of $17.87 and a 1 year high of $36.88. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.71 and a quick ratio of 1.64. The stock has a market capitalization of $276.02 million, a PE ratio of -16.76 and a beta of 2.56. The company’s 50 day simple moving average is $19.16 and its two-hundred day simple moving average is $21.37.

Civeo (NYSE:CVEO) last posted its earnings results on Friday, July 28th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.01). Civeo had a negative return on equity of 1.50% and a negative net margin of 1.28%. The firm had revenue of $178.84 million during the quarter, compared to analysts’ expectations of $173.59 million. Analysts predict that Civeo Co. will post -0.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CVEO has been the topic of a number of recent research reports. Stifel Nicolaus dropped their price target on shares of Civeo from $37.00 to $31.00 in a research note on Monday, May 1st. StockNews.com initiated coverage on shares of Civeo in a research note on Thursday, August 17th. They set a “buy” rating on the stock.

Civeo Profile

Civeo Corporation provides hospitality services to the natural resource industry in Canada, Australia, and the United States. The company develops lodges and villages; and mobile assets, including modular, skid-mounted accommodation, and central facilities that provide short to medium-term accommodation needs.