Civeo Corporation (NYSE:CVEO) Short Interest Update

Key Points

• Civeo’s short interest more than doubled to 1.02 million shares as of July 15, up 113.5% from June 30. Short interest now represents 9.9% of shares outstanding, equivalent to 4.5 days of average trading volume.
• Analyst sentiment remains mixed, with one Buy, one Hold, and one Sell rating; the consensus rating is Hold with a $37 price target. Institutional investors own 81.44% of the company, and several firms recently increased or initiated positions.
• Civeo shares recently traded at $34.42, near their 52-week high of $36.50. In its latest quarter, the company reported revenue of $172.67 million and an adjusted EPS loss of $0.34, beating analysts’ estimates on both measures.

Civeo Corporation (NYSE:CVEO - Get Free Report) saw a large increase in short interest during the month of July. As of July 15th, there was short interest totaling 1,015,220 shares, an increase of 113.5% from the June 30th total of 475,530 shares. Based on an average daily volume of 225,657 shares, the short-interest ratio is presently 4.5 days. Currently, 9.9% of the company's stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of Civeo from a "sell (d-)" rating to a "sell (d)" rating in a research note on Monday, June 15th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Civeo currently has an average rating of "Hold" and an average price target of $37.00.

Institutional Investors Weigh In On Civeo

Several institutional investors have recently modified their holdings of the company. Blue Owl Capital Holdings LP increased its stake in Civeo by 16.7% in the 4th quarter. Blue Owl Capital Holdings LP now owns 370,530 shares of the business services provider's stock valued at $8,474,000 after purchasing an additional 53,119 shares in the last quarter. Goldman Sachs Group Inc. purchased a new stake in Civeo during the first quarter worth $204,000. ExodusPoint Capital Management LP acquired a new stake in Civeo in the fourth quarter valued at $573,000. Lido Advisors LLC grew its holdings in Civeo by 12.7% in the fourth quarter. Lido Advisors LLC now owns 25,909 shares of the business services provider's stock valued at $596,000 after purchasing an additional 2,916 shares during the last quarter. Finally, Empowered Funds LLC increased its position in shares of Civeo by 5.5% in the first quarter. Empowered Funds LLC now owns 106,318 shares of the business services provider's stock valued at $2,445,000 after buying an additional 5,570 shares in the last quarter. Hedge funds and other institutional investors own 81.44% of the company's stock.

Civeo Price Performance

Shares of NYSE:CVEO traded down $0.07 on Tuesday, reaching $34.42. 34,545 shares of the company were exchanged, compared to its average volume of 94,328. The company has a current ratio of 1.88, a quick ratio of 1.81 and a debt-to-equity ratio of 1.32. Civeo has a 1-year low of $19.75 and a 1-year high of $36.50. The firm has a market cap of $376.61 million, a price-to-earnings ratio of -28.92 and a beta of 0.73. The company has a 50-day moving average of $33.67 and a 200-day moving average of $30.08.

Civeo (NYSE:CVEO - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The business services provider reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.61) by $0.27. Civeo had a negative net margin of 2.10% and a negative return on equity of 7.72%. The firm had revenue of $172.67 million during the quarter, compared to analysts' expectations of $154.70 million. Equities analysts forecast that Civeo will post -1.11 earnings per share for the current fiscal year.

About Civeo

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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