Acadian Asset Management LLC Has $5.90 Million Stake in Civeo Corporation $CVEO

Key Points

• Acadian Asset Management LLC reduced its stake in Civeo Corporation by 19.7%, selling 63,161 shares and holding a total of 256,697 shares valued at approximately $5.9 million as of their latest SEC filing.
• Despite the reduction by Acadian Asset Management, other institutional investors like Man Group plc increased their positions significantly, raising their stake by 108% during the same period.
• Civeo reported disappointing financial results with a net revenue of $162.69 million for the quarter, missing analyst estimates and showing a negative earnings per share of ($0.25).

Acadian Asset Management LLC reduced its holdings in Civeo Corporation (NYSE:CVEO - Free Report) by 19.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 256,697 shares of the business services provider's stock after selling 63,161 shares during the period. Acadian Asset Management LLC owned about 1.91% of Civeo worth $5,897,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Engine Capital Management LP purchased a new stake in Civeo in the 1st quarter worth about $30,777,000. Charles Schwab Investment Management Inc. purchased a new stake in Civeo in the 1st quarter worth about $1,070,000. Millennium Management LLC lifted its stake in Civeo by 18.2% in the 4th quarter. Millennium Management LLC now owns 80,055 shares of the business services provider's stock worth $1,819,000 after acquiring an additional 12,299 shares in the last quarter. TCW Group Inc. lifted its stake in Civeo by 2.0% in the 1st quarter. TCW Group Inc. now owns 795,845 shares of the business services provider's stock worth $18,304,000 after acquiring an additional 15,628 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in Civeo in the 4th quarter worth about $386,000. 81.44% of the stock is owned by hedge funds and other institutional investors.

Civeo Stock Up 0.6%

CVEO stock traded up $0.14 during mid-day trading on Thursday, hitting $22.95. The stock had a trading volume of 52,310 shares, compared to its average volume of 57,685. The company has a current ratio of 1.51, a quick ratio of 1.45 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $288.02 million, a price-to-earnings ratio of -9.44 and a beta of 1.30. The company has a fifty day moving average of $23.51 and a 200 day moving average of $22.19. Civeo Corporation has a 1-year low of $18.01 and a 1-year high of $28.85.

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

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Civeo from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $27.00.

Civeo Profile

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.