Civeo (NYSE:CVEO) Given New $42.00 Price Target at Stifel Nicolaus

Key Points

• Stifel Nicolaus raised Civeo’s price target to $42 from $37 while maintaining a “buy” rating, implying 16.44% potential upside. Analysts overall assign the stock a “Moderate Buy” consensus rating with a $43.50 target.
• Civeo exceeded quarterly expectations, reporting $0.50 in earnings per share versus a consensus loss estimate of $0.27 and revenue of $193.1 million versus $174.05 million expected.
• Institutional investors own 81.44% of Civeo’s shares, with several hedge funds recently initiating or increasing positions. The stock opened at $36.07 and remains near its 52-week high of $38.06.

Civeo (NYSE:CVEO - Get Free Report) had its price target upped by analysts at Stifel Nicolaus from $37.00 to $42.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the business services provider's stock. Stifel Nicolaus's price target indicates a potential upside of 16.44% from the company's current price.

Other analysts also recently issued research reports about the company. Raymond James Financial downgraded Civeo from a "strong-buy" rating to a "buy" rating in a research report on Thursday, October 1st. Roth Capital initiated coverage on shares of Civeo in a report on Thursday, October 1st. They issued a "buy" rating and a $39.00 price objective for the company. Weiss Ratings raised shares of Civeo from a "sell (d-)" rating to a "sell (d)" rating in a research note on Monday, August 31st. Finally, Northland Securities initiated coverage on shares of Civeo in a report on Thursday, October 1st. They set an "outperform" rating and a $42.00 target price on the stock. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Civeo presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.50.

Civeo Stock Performance

Civeo stock opened at $36.07 on Tuesday. The firm's 50 day simple moving average is $32.31 and its 200 day simple moving average is $31.05. Civeo has a 1-year low of $20.94 and a 1-year high of $38.06. The firm has a market capitalization of $372.95 million, a PE ratio of -57.25 and a beta of 0.71. The company has a current ratio of 1.89, a quick ratio of 1.81 and a debt-to-equity ratio of 1.31.

Civeo (NYSE:CVEO - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The business services provider reported $0.50 EPS for the quarter, topping analysts' consensus estimates of ($0.27) by $0.77. The firm had revenue of $193.10 million for the quarter, compared to analyst estimates of $174.05 million. Civeo had a negative net margin of 1.93% and a negative return on equity of 7.82%. As a group, analysts expect that Civeo will post -1.00 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP purchased a new position in shares of Civeo in the 2nd quarter valued at approximately $217,000. Bank of New York Mellon Corp purchased a new position in shares of Civeo during the second quarter valued at approximately $1,032,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Civeo in the 1st quarter worth approximately $217,000. Arrowstreet Capital Limited Partnership increased its position in Civeo by 12.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 126,478 shares of the business services provider's stock valued at $3,347,000 after buying an additional 13,564 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in Civeo by 104.2% in the 1st quarter. Sei Investments Co. now owns 71,487 shares of the business services provider's stock worth $1,892,000 after purchasing an additional 36,487 shares in the last quarter. Hedge funds and other institutional investors own 81.44% of the company's stock.

About Civeo

Civeo Corporation is a provider of workforce accommodations and related services for the natural resources and other industries that operate in remote locations. The company develops, owns and operates workforce villages, lodges and other lodging facilities designed to house employees and contractors near work sites.

Civeo's services include room accommodations, food services, housekeeping, facility management, logistics and transportation support. Its facilities are used by customers in sectors such as oil and gas, mining, and infrastructure development, where temporary or long-term workforce housing is needed.

Headquartered in Houston, Texas, Civeo serves customers primarily in Canada, Australia and the United States.

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