Civeo (NYSE:CVEO) Stock Picked Up by Analysts at Northland Securities

Key Points

• Northland Securities initiated coverage of Civeo with an “outperform” rating and a $42 price target, implying 28.63% potential upside from the stock’s reported $32.65 price.
• Analyst sentiment is generally positive: Civeo has a consensus rating of “Moderate Buy” and an average price target of $42.25, supported by recent “strong-buy” and “buy” initiations from other firms.
• Civeo exceeded quarterly expectations, reporting an adjusted EPS loss of $0.23 versus the expected $0.30 loss and revenue of $180.02 million versus the $172.18 million consensus estimate; however, the company remains unprofitable.

Stock analysts at Northland Securities started coverage on shares of Civeo (NYSE:CVEO - Get Free Report) in a research note issued on Thursday, Benzinga reports. The brokerage set an "outperform" rating and a $42.00 price target on the business services provider's stock. Northland Securities' price target points to a potential upside of 28.63% from the company's current price.

A number of other equities analysts also recently issued reports on CVEO. Raymond James Financial began coverage on Civeo in a research note on Tuesday, August 4th. They set a "strong-buy" rating and a $51.00 price target for the company. Weiss Ratings upgraded Civeo from a "sell (d-)" rating to a "sell (d)" rating in a report on Monday, August 31st. Finally, Roth Capital assumed coverage on shares of Civeo in a report on Thursday. They set a "buy" rating and a $39.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Civeo presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.25.

Civeo Stock Up 0.8%

Shares of NYSE CVEO opened at $32.65 on Thursday. The company has a quick ratio of 1.81, a current ratio of 1.89 and a debt-to-equity ratio of 1.31. The company's fifty day simple moving average is $33.26 and its 200 day simple moving average is $32.20. Civeo has a 12-month low of $19.75 and a 12-month high of $36.50. The firm has a market cap of $337.62 million, a PE ratio of -27.91 and a beta of 0.71.

Civeo (NYSE:CVEO - Get Free Report) last posted its earnings results on Thursday, July 30th. The business services provider reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.07. Civeo had a negative net margin of 1.93% and a negative return on equity of 7.82%. The company had revenue of $180.02 million during the quarter, compared to the consensus estimate of $172.18 million. As a group, sell-side analysts forecast that Civeo will post -0.83 earnings per share for the current fiscal year.

Institutional Trading of Civeo

A number of institutional investors and hedge funds have recently modified their holdings of CVEO. Sei Investments Co. grew 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 valued at $1,892,000 after purchasing an additional 36,487 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Civeo during the 2nd quarter worth $1,032,000. Clearstead Advisors LLC boosted its holdings in shares of Civeo by 191.8% in the 4th quarter. Clearstead Advisors LLC now owns 1,538 shares of the business services provider's stock worth $35,000 after buying an additional 1,011 shares during the last quarter. Ritholtz Wealth Management raised its position in Civeo by 9.4% in the first quarter. Ritholtz Wealth Management now owns 40,352 shares of the business services provider's stock worth $1,068,000 after acquiring an additional 3,470 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Civeo by 12.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 126,478 shares of the business services provider's stock valued at $3,347,000 after acquiring an additional 13,564 shares during the last quarter. 81.44% of the stock is owned by hedge funds and other institutional investors.

Civeo Company Profile

Civeo Corporation provides workforce accommodations and related hospitality services for companies operating in remote and challenging environments. Its customers primarily include businesses in the natural resources, mining, energy and infrastructure industries.

The company operates workforce villages, lodges and mobile camps, offering rooms and lodging along with catering, housekeeping, facility management, maintenance, transportation and other support services. These integrated services are designed to support employees working at remote project sites and production locations.

Civeo serves customers primarily in Australia and Canada, where it operates accommodations and provides hospitality services in resource-producing regions.

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