Bridgeway Capital Management LLC Grows Stock Holdings in Civeo Corporation $CVEO

Key Points

• Bridgeway Capital Management LLC increased its stake in Civeo Corporation by 34.0%, acquiring an additional 64,470 shares, bringing their total ownership to approximately 253,973 shares worth about $5.84 million.
• Wall Street Zen downgraded Civeo from a "hold" rating to a "sell" rating, while the company maintains an average rating of "Buy" and a consensus price target of $27.00.
• Civeo reported a quarterly earnings miss with a loss of ($0.25) EPS, significantly below analyst estimates and had a revenue of $162.69 million versus expectations of $166.38 million.

Bridgeway Capital Management LLC lifted its holdings in shares of Civeo Corporation (NYSE:CVEO - Free Report) by 34.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 253,973 shares of the business services provider's stock after buying an additional 64,470 shares during the period. Bridgeway Capital Management LLC owned about 1.89% of Civeo worth $5,841,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. BNP Paribas Financial Markets acquired a new position in Civeo during the fourth quarter worth $94,000. Mackenzie Financial Corp acquired a new position in shares of Civeo during the 4th quarter worth $386,000. Lazard Asset Management LLC increased its holdings in shares of Civeo by 24.0% in the 4th quarter. Lazard Asset Management LLC now owns 21,492 shares of the business services provider's stock valued at $488,000 after purchasing an additional 4,158 shares in the last quarter. Clough Capital Partners L P acquired a new stake in shares of Civeo in the first quarter valued at about $728,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in Civeo during the first quarter worth about $1,070,000. 81.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Civeo Price Performance

Shares of Civeo stock traded up $0.45 during trading on Wednesday, hitting $23.40. 26,475 shares of the company were exchanged, compared to its average volume of 90,950. Civeo Corporation has a fifty-two week low of $18.01 and a fifty-two week high of $28.92. The company has a quick ratio of 1.45, a current ratio of 1.51 and a debt-to-equity ratio of 0.81. The firm has a 50 day moving average price of $23.65 and a 200 day moving average price of $22.24. The stock has a market capitalization of $293.70 million, a price-to-earnings ratio of -9.63 and a beta of 1.30.

Civeo (NYSE:CVEO - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The business services provider reported ($0.25) earnings per share 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 company had revenue of $162.69 million during the quarter, compared to analyst estimates of $166.38 million. During the same period last year, the firm earned $0.57 earnings per share. Civeo has set its FY 2025 guidance at EPS. On average, equities analysts expect that Civeo Corporation will post -0.58 earnings per share for the current fiscal year.

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.