Civeo (NYSE:CVEO) Upgraded at Roth Capital

Key Points

• Roth Capital upgraded Civeo to “strong buy,” while analysts’ overall consensus remains “moderate buy” with a $42.25 target price. Northland Securities also initiated coverage with an “outperform” rating and a $42 target.
• Civeo shares opened at $33.73, within a 12-month range of $19.75 to $36.50. The company has a market capitalization of approximately $348.8 million.
• In its latest quarter, Civeo reported an adjusted loss of $0.23 per share, beating expectations for a $0.30 loss, while revenue of $180.02 million exceeded estimates of $172.18 million. Institutional investors own 81.44% of the company’s stock.

Civeo (NYSE:CVEO - Get Free Report) was upgraded by equities researchers at Roth Capital to a "strong-buy" rating in a note issued to investors on Thursday, Zacks reports.

Several other equities analysts have also commented on CVEO. Northland Securities initiated coverage on shares of Civeo in a research report on Thursday. They set an "outperform" rating and a $42.00 price target for the company. Raymond James Financial downgraded shares of Civeo from a "strong-buy" rating to a "buy" rating in a research report on Thursday. Finally, Weiss Ratings upgraded shares of Civeo from a "sell (d-)" rating to a "sell (d)" rating in a research report on Monday, August 31st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Civeo has a consensus rating of "Moderate Buy" and a consensus target price of $42.25.

Civeo Stock Performance

Civeo stock opened at $33.73 on Thursday. The company has a market cap of $348.80 million, a PE ratio of -28.83 and a beta of 0.71. The company has a fifty day moving average price of $33.23 and a two-hundred day moving average price of $32.24. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.89 and a quick ratio of 1.81. Civeo has a 12 month low of $19.75 and a 12 month high of $36.50.

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

Hedge Funds Weigh In On Civeo

Several large investors have recently made changes to their positions in the business. Ritholtz Wealth Management grew its holdings in Civeo by 9.4% during the first quarter. Ritholtz Wealth Management now owns 40,352 shares of the business services provider's stock worth $1,068,000 after purchasing an additional 3,470 shares during the period. Engineers Gate Manager LP bought a new stake in Civeo in the second quarter valued at approximately $217,000. OMERS ADMINISTRATION Corp bought a new stake in Civeo in the first quarter valued at approximately $217,000. Dimensional Fund Advisors LP lifted its position in shares of Civeo by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 639,272 shares of the business services provider's stock valued at $16,915,000 after buying an additional 11,114 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of 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 buying an additional 13,564 shares during the last quarter. Institutional investors own 81.44% of the company's stock.

About Civeo

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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