Civeo Corporation (NYSE:CVEO) Short Interest Up 19.6% in March

Key Points

• Short interest rose 19.6% in March to 296,811 shares, equal to about 2.8% of the float and a short-interest ratio of 7.7 days based on average daily volume.
• Civeo missed its latest quarter with EPS of ($0.56) vs. ($0.41) expected and revenue of $161.6M vs. $170.2M, leaving negative net margin and ROE and consensus analyst EPS for the year around -0.58.
• Insiders sold heavily last quarter (430,184 shares worth roughly $12.39M) while institutional investors own about 81.44% of the stock; analyst sentiment is mixed with an average "Hold" rating and a $37 target.

Civeo Corporation (NYSE:CVEO - Get Free Report) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 296,811 shares, a growth of 19.6% from the March 15th total of 248,201 shares. Based on an average trading volume of 38,458 shares, the short-interest ratio is currently 7.7 days. Approximately 2.8% of the shares of the stock are short sold.

Civeo Trading Up 0.5%

Shares of NYSE:CVEO traded up $0.15 during mid-day trading on Friday, hitting $30.15. The stock had a trading volume of 155,260 shares, compared to its average volume of 62,761. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.47 and a current ratio of 1.54. The company has a market cap of $329.79 million, a PE ratio of -19.20 and a beta of 0.65. Civeo has a 12-month low of $18.01 and a 12-month high of $30.33. The company's 50 day moving average is $28.09 and its 200-day moving average is $24.76.

Civeo (NYSE:CVEO - Get Free Report) last released its quarterly earnings results on Tuesday, March 3rd. The business services provider reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.15). The company had revenue of $161.62 million for the quarter, compared to the consensus estimate of $170.17 million. Civeo had a negative return on equity of 10.20% and a negative net margin of 3.14%. On average, sell-side analysts predict that Civeo will post -0.58 EPS for the current year.

Insider Activity

In other Civeo news, SVP Peter Mccann sold 4,000 shares of the business's stock in a transaction on Friday, March 6th. The shares were sold at an average price of $28.64, for a total value of $114,560.00. Following the completion of the transaction, the senior vice president owned 50,942 shares in the company, valued at $1,458,978.88. The trade was a 7.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Engine Capital Management, Lp sold 9,169 shares of the business's stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $29.03, for a total transaction of $266,176.07. Following the transaction, the insider owned 65,461 shares of the company's stock, valued at approximately $1,900,332.83. The trade was a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 430,184 shares of company stock worth $12,390,768. 4.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Clearstead Advisors LLC lifted its stake in Civeo by 191.8% in the fourth quarter. Clearstead Advisors LLC now owns 1,538 shares of the business services provider's stock valued at $35,000 after buying an additional 1,011 shares in the last quarter. Punch & Associates Investment Management Inc. lifted its position in shares of Civeo by 0.8% in 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 purchasing an additional 2,115 shares in the last quarter. State of Wyoming bought a new stake in shares of Civeo in the second quarter worth $66,000. Lido Advisors LLC lifted its position in shares of Civeo by 12.7% in the fourth quarter. Lido Advisors LLC now owns 25,909 shares of the business services provider's stock worth $596,000 after purchasing an additional 2,916 shares in the last quarter. Finally, Quent Capital LLC bought a new stake in shares of Civeo in the third quarter worth $79,000. Institutional investors and hedge funds own 81.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CVEO shares. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Civeo in a report on Monday, December 29th. Stifel Nicolaus lifted their target price on shares of Civeo from $33.00 to $37.00 and gave the company a "buy" rating in a report on Wednesday, March 4th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $37.00.

Civeo Company Profile

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.

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