Civeo (NYSE:CVEO) Rating Lowered to "Strong Sell" at Zacks Research

Key Points

• Civeo (NYSE: CVEO) has been downgraded from a "hold" to a "strong sell" rating by Zacks Research, reflecting negative sentiment from several analysts.
• During the last quarter, Civeo reported a loss of ($0.25) earnings per share, significantly missing analysts' expectations and showing a negative return on equity of 12.76%.
• As of now, Civeo's stock has an average target price of $27.00, with its shares currently trading down 2.2% at $20.95.

Civeo (NYSE:CVEO - Get Free Report) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Wednesday,Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Civeo from a "hold" rating to a "sell" rating in a research note on Saturday, October 4th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Civeo in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Civeo presently has an average rating of "Reduce" and an average target price of $27.00.

Civeo Trading Down 2.2%

Shares of CVEO stock opened at $20.95 on Wednesday. Civeo has a 52-week low of $18.01 and a 52-week high of $28.23. 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 company has a 50-day simple moving average of $22.61 and a two-hundred day simple moving average of $22.20. The company has a market capitalization of $262.92 million, a price-to-earnings ratio of -8.62 and a beta of 1.20.

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

Institutional Trading of Civeo

A number of institutional investors have recently modified their holdings of the business. Engine Capital Management LP purchased a new stake in shares of Civeo during the 1st quarter valued at approximately $30,777,000. TCW Group Inc. lifted its stake in shares of Civeo by 2.0% during the 1st quarter. TCW Group Inc. now owns 795,845 shares of the business services provider's stock valued at $18,304,000 after buying an additional 15,628 shares in the last quarter. American Century Companies Inc. lifted its stake in Civeo by 7.4% in the 2nd quarter. American Century Companies Inc. now owns 470,826 shares of the business services provider's stock worth $10,871,000 after purchasing an additional 32,452 shares in the last quarter. Bridgeway Capital Management LLC lifted its stake 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. Finally, Topline Capital Management LLC lifted its stake in Civeo by 3.7% in the 1st quarter. Topline Capital Management LLC now owns 212,823 shares of the business services provider's stock worth $4,895,000 after purchasing an additional 7,577 shares in the last quarter. 81.44% of the stock is currently owned by hedge funds and other institutional investors.

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.

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