Civeo (NYSE:CVEO) Raised to "Strong-Buy" at Raymond James Financial

Key Points

• Raymond James upgraded Civeo to “strong buy,” while MarketBeat reports an overall “moderate buy” consensus and a $44 price target.
• Civeo shares rose 5.3% to open at $32.53, remaining below their 52-week high of $36.50.
• The company exceeded quarterly expectations, reporting a loss of $0.23 per share versus the estimated $0.30 loss and revenue of $180.02 million versus the $172.18 million consensus; institutional investors own 81.44% of the stock.

Civeo (NYSE:CVEO - Get Free Report) was upgraded by stock analysts at Raymond James Financial to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Separately, Weiss Ratings raised Civeo from a "sell (d-)" rating to a "sell (d)" rating in a research report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $44.00.

Civeo Trading Up 5.3%

NYSE:CVEO opened at $32.53 on Tuesday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.81 and a current ratio of 1.89. Civeo has a 1 year low of $19.75 and a 1 year high of $36.50. The stock has a market cap of $336.37 million, a P/E ratio of -27.80 and a beta of 0.72. The stock has a 50-day simple moving average of $33.40 and a 200-day simple moving average of $30.46.

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, beating analysts' consensus estimates of ($0.30) by $0.07. The firm had revenue of $180.02 million for the quarter, compared to the consensus estimate of $172.18 million. Civeo had a negative net margin of 1.93% and a negative return on equity of 7.82%. As a group, analysts anticipate that Civeo will post -0.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Clearstead Advisors LLC grew its stake in shares of 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. State of Wyoming acquired a new position in Civeo during the 2nd quarter worth approximately $66,000. Goldman Sachs Group Inc. purchased a new position in Civeo in the 1st quarter worth approximately $204,000. OMERS ADMINISTRATION Corp acquired a new stake in Civeo in the first quarter valued at approximately $217,000. Finally, ExodusPoint Capital Management LP acquired a new stake in Civeo in the fourth quarter valued at approximately $573,000. Institutional investors and hedge funds own 81.44% of the company's stock.

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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