Civeo (NYSE:CVEO) Announces Quarterly Earnings Results

Key Points

• Civeo reported quarterly EPS of $0.50, beating the consensus estimate of a $0.27 loss by $0.77. Despite the earnings beat, the company posted a negative net margin of 1.93% and negative return on equity of 7.82%.
• Shares rose 0.4% to $30.35, with the stock trading between a 52-week range of $20.59 and $36.50. Civeo has a market capitalization of approximately $313.8 million.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $42.25. Recent coverage included Buy and Outperform ratings with targets ranging from $39 to $42.

Civeo (NYSE:CVEO - Get Free Report) announced its earnings results on Thursday. The business services provider reported $0.50 EPS for the quarter, topping the consensus estimate of ($0.27) by $0.77, Zacks reports. Civeo had a negative net margin of 1.93% and a negative return on equity of 7.82%.

Civeo Stock Up 0.4%

Shares of NYSE:CVEO traded up $0.13 during mid-day trading on Thursday, reaching $30.35. 156,371 shares of the stock were exchanged, compared to its average volume of 100,516. The stock's 50 day simple moving average is $32.25 and its 200-day simple moving average is $30.93. Civeo has a one year low of $20.59 and a one year high of $36.50. The company has a market cap of $313.84 million, a P/E ratio of -25.94 and a beta of 0.71. The company has a quick ratio of 1.81, a current ratio of 1.89 and a debt-to-equity ratio of 1.31.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CVEO. Roth Capital initiated coverage on shares of Civeo in a report on Thursday, October 1st. They issued a "buy" rating and a $39.00 price target for the company. Weiss Ratings upgraded shares of Civeo from a "sell (d-)" rating to a "sell (d)" rating in a report on Monday, August 31st. Raymond James Financial cut shares of Civeo from a "strong-buy" rating to a "buy" rating in a research report on Thursday, October 1st. Finally, Northland Securities began coverage on shares of Civeo in a research report on Thursday, October 1st. They issued an "outperform" rating and a $42.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $42.25.

Civeo Company Profile

Civeo Corporation is a provider of workforce accommodations and related services for the natural resources and other industries that operate in remote locations. The company develops, owns and operates workforce villages, lodges and other lodging facilities designed to house employees and contractors near work sites.

Civeo's services include room accommodations, food services, housekeeping, facility management, logistics and transportation support. Its facilities are used by customers in sectors such as oil and gas, mining, and infrastructure development, where temporary or long-term workforce housing is needed.

Headquartered in Houston, Texas, Civeo serves customers primarily in Canada, Australia and the United States.

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