Civeo (NYSE:CVEO) Stock Price Crosses Below Fifty Day Moving Average - Here's Why

Key Points

• Civeo’s stock fell below its 50-day moving average, trading as low as $31.98 after the move, with the 50-day average at $33.39.
• Analyst sentiment is mixed: Weiss Ratings upgraded Civeo from “sell (d-)” to “sell (d)”, while MarketBeat shows an overall Hold rating and an average price target of $37.00.
• The company recently beat quarterly earnings expectations, reporting EPS of -$0.34 versus an expected -$0.61 and revenue of $172.67 million versus $154.70 million forecast.

Civeo Corporation (NYSE:CVEO - Get Free Report)'s stock price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $33.39 and traded as low as $31.98. Civeo shares last traded at $34.2650, with a volume of 419,844 shares changing hands.

Analysts Set New Price Targets

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

Civeo Trading Up 7.0%

The company has a market cap of $374.86 million, a price-to-earnings ratio of -28.79 and a beta of 0.73. The company has a current ratio of 1.88, a quick ratio of 1.81 and a debt-to-equity ratio of 1.32. The business's 50 day moving average price is $33.39 and its 200-day moving average price is $29.44.

Civeo (NYSE:CVEO - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The business services provider reported ($0.34) EPS for the quarter, beating analysts' consensus estimates of ($0.61) by $0.27. The business had revenue of $172.67 million for the quarter, compared to analyst estimates of $154.70 million. Civeo had a negative net margin of 2.10% and a negative return on equity of 7.72%. On average, equities analysts anticipate that Civeo Corporation will post -1.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Civeo

A number of large investors have recently made changes to their positions in CVEO. Blue Owl Capital Holdings LP lifted its holdings in shares of Civeo by 16.7% during the fourth 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 in the last quarter. GSA Capital Partners LLP grew its stake in shares of Civeo by 12.5% in the fourth quarter. GSA Capital Partners LLP now owns 51,113 shares of the business services provider's stock valued at $1,169,000 after acquiring an additional 5,681 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Civeo by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 639,272 shares of the business services provider's stock worth $16,915,000 after acquiring an additional 11,114 shares during the period. ExodusPoint Capital Management LP acquired a new stake in Civeo in the 4th quarter worth about $573,000. Finally, Lido Advisors LLC raised its stake in Civeo by 12.7% in the 4th quarter. Lido Advisors LLC now owns 25,909 shares of the business services provider's stock worth $596,000 after purchasing an additional 2,916 shares in the last quarter. Institutional investors own 81.44% of the company's stock.

Civeo Company Profile

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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