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

Civeo Corporation (NYSE:CVEO)’s stock price passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $22.42 and traded as high as $23.29. Civeo shares last traded at $23.0350, with a volume of 34,228 shares changing hands.

Analyst Ratings Changes

CVEO has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Civeo in a research report on Monday. Wall Street Zen upgraded shares of Civeo from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Finally, Zacks Research upgraded shares of Civeo from a “strong sell” rating to a “hold” rating in a report on Thursday, November 20th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $27.00.

Civeo Stock Down 0.6%

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 capitalization of $265.36 million, a P/E ratio of -10.92 and a beta of 0.60. The firm’s 50 day moving average price is $22.42 and its two-hundred day moving average price is $22.81.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CVEO. Engine Capital Management LP bought a new position in Civeo in the first quarter valued at approximately $30,777,000. Dimensional Fund Advisors LP boosted its holdings in shares of Civeo by 1.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 618,374 shares of the business services provider’s stock valued at $14,222,000 after buying an additional 9,870 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Civeo by 7.4% in the second quarter. American Century Companies Inc. now owns 470,826 shares of the business services provider’s stock valued at $10,871,000 after buying an additional 32,452 shares in the last quarter. Punch & Associates Investment Management Inc. increased its holdings in Civeo by 0.8% during 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 last quarter. Finally, Bridgeway Capital Management LLC increased its holdings in Civeo by 34.0% during the first quarter. Bridgeway Capital Management LLC now owns 253,973 shares of the business services provider’s stock worth $5,841,000 after buying an additional 64,470 shares during the last quarter. 81.44% of the stock is 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.