Civeo Corporation (NYSE:CVEO) Short Interest Down 20.9% in August

Key Points

• Civeo Corporation experienced a significant decline in short interest of 20.9% in August, with short interest totaling 317,000 shares.
• Institutional investors own 81.44% of Civeo's stock, with firms like Lazard increasing their holdings by 24.0% in the fourth quarter.
• Despite having a Buy rating from one analyst, Wall Street Zen downgraded Civeo to a sell rating, with a consensus price target of $27.00.

Civeo Corporation (NYSE:CVEO - Get Free Report) was the recipient of a large decline in short interest in the month of August. As of August 15th, there was short interest totaling 317,000 shares, a decline of 20.9% from the July 31st total of 400,700 shares. Based on an average trading volume of 78,500 shares, the short-interest ratio is presently 4.0 days. Currently, 2.8% of the shares of the company are short sold. Currently, 2.8% of the shares of the company are short sold. Based on an average trading volume of 78,500 shares, the short-interest ratio is presently 4.0 days.

Civeo Price Performance

Shares of CVEO traded down $0.38 during mid-day trading on Friday, reaching $22.82. The stock had a trading volume of 78,013 shares, compared to its average volume of 60,609. The business has a fifty day moving average of $23.61 and a 200 day moving average of $22.16. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.45 and a current ratio of 1.51. The firm has a market cap of $286.44 million, a price-to-earnings ratio of -9.39 and a beta of 1.30. Civeo has a 12 month low of $18.01 and a 12 month high of $28.92.

Civeo (NYSE:CVEO - Get Free Report) last released its earnings results on Tuesday, July 29th. The business services provider reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.22). The firm had revenue of $162.69 million for the quarter, compared to analysts' expectations of $166.38 million. Civeo had a negative net margin of 5.25% and a negative return on equity of 12.76%. During the same quarter last year, the firm posted $0.57 EPS. Civeo has set its FY 2025 guidance at EPS. Equities analysts predict that Civeo will post -0.58 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Civeo from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $27.00.

Hedge Funds Weigh In On Civeo

Hedge funds have recently made changes to their positions in the business. Engine Capital Management LP purchased a new position in Civeo in the 1st quarter worth approximately $30,777,000. Balyasny Asset Management L.P. purchased a new position in Civeo in the 4th quarter worth approximately $1,941,000. Bridgeway Capital Management LLC lifted its holdings in Civeo by 34.0% in the 1st quarter. Bridgeway Capital Management LLC now owns 253,973 shares of the business services provider's stock worth $5,841,000 after purchasing an additional 64,470 shares in the last quarter. Charles Schwab Investment Management Inc. purchased a new position in Civeo in the 1st quarter worth approximately $1,070,000. Finally, American Century Companies Inc. lifted its holdings in Civeo by 10.1% in the 1st quarter. American Century Companies Inc. now owns 438,374 shares of the business services provider's stock worth $10,083,000 after purchasing an additional 40,361 shares in the last quarter. Institutional investors own 81.44% of the company's stock.

About Civeo

Civeo Corporation provides hospitality services to the natural resource industry in Canada, Australia, and the United States. The company develops lodges and villages; and mobile assets, including modular, skid-mounted accommodation, and central facilities that provide short to medium-term accommodation needs.