Civeo (NYSE:CVEO) Stock Crosses Above 50-Day Moving Average - Here's What Happened

Key Points

• Shares crossed above its 50-day moving average: CVEO traded as high as $30 and last at $29.85 versus a 50‑day MA of $28.04 on volume of 70,984 shares.
• Earnings miss and weak margins: Civeo reported Q EPS of ($0.56) versus ($0.41) expected and revenue of $161.62M versus $170.17M, with a negative net margin of 3.14% and ROE of -10.20%; sell-side forecasts -0.58 EPS for the fiscal year.
• Significant insider selling amid mixed analyst views: Engine Capital sold 417,015 shares (~$12M) and insiders offloaded 430,184 shares total in the past three months, while the consensus analyst rating is a "Hold" with a $37.00 target.

Shares of Civeo Corporation (NYSE:CVEO - Get Free Report) crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $28.04 and traded as high as $30.00. Civeo shares last traded at $29.8520, with a volume of 70,984 shares traded.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Weiss Ratings reiterated a "sell (d)" rating on shares of Civeo in a report on Monday, December 29th. Stifel Nicolaus increased their target price on shares of Civeo from $33.00 to $37.00 and gave the stock a "buy" rating in a research note on Wednesday, March 4th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Civeo has an average rating of "Hold" and a consensus target price of $37.00.

Civeo Price Performance

The company has a current ratio of 1.54, a quick ratio of 1.47 and a debt-to-equity ratio of 1.05. The stock has a market cap of $326.67 million, a PE ratio of -19.01 and a beta of 0.65. The company has a fifty day moving average of $28.04 and a 200-day moving average of $24.71.

Civeo (NYSE:CVEO - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $161.62 million during the quarter, compared to analysts' expectations of $170.17 million. Civeo had a negative net margin of 3.14% and a negative return on equity of 10.20%. Sell-side analysts expect that Civeo Corporation will post -0.58 EPS for the current fiscal year.

Insider Activity at Civeo

In related news, major shareholder Engine Capital Management, Lp sold 417,015 shares of the business's stock in a transaction on Friday, February 13th. The stock was sold at an average price of $28.80, for a total transaction of $12,010,032.00. Following the completion of the transaction, the insider directly owned 66,119 shares of the company's stock, valued at $1,904,227.20. The trade was a 86.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Peter Mccann sold 4,000 shares of the business's stock in a transaction on Friday, March 6th. The stock was sold at an average price of $28.64, for a total value of $114,560.00. Following the transaction, the senior vice president directly owned 50,942 shares of the company's stock, valued at $1,458,978.88. The trade was a 7.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 430,184 shares of company stock valued at $12,390,768 in the last three months. 4.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Civeo

Large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. acquired a new stake in shares of Civeo in the 4th quarter valued at $2,290,000. Millennium Management LLC raised its holdings in shares of Civeo by 217.7% in the 3rd quarter. Millennium Management LLC now owns 128,810 shares of the business services provider's stock valued at $2,963,000 after purchasing an additional 88,267 shares in the last quarter. Blue Owl Capital Holdings LP lifted its holdings in Civeo by 16.7% during the 4th quarter. Blue Owl Capital Holdings LP now owns 370,530 shares of the business services provider's stock worth $8,474,000 after buying an additional 53,119 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Civeo by 38.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 189,057 shares of the business services provider's stock worth $4,324,000 after buying an additional 52,660 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Civeo during the 3rd quarter worth about $1,045,000. 81.44% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.