Civeo Corporation $CVEO Shares Purchased by Sei Investments Co.

Key Points

• Sei Investments more than doubled its Civeo stake in the first quarter, acquiring 36,487 additional shares for a total holding of 71,487 shares worth approximately $1.89 million. Institutional investors collectively own 81.44% of CVEO.
• Analyst sentiment is generally positive, with MarketBeat reporting a “Moderate Buy” consensus and an average price target of $44. Raymond James initiated coverage with a “strong-buy” rating and a $51 target.
• Civeo beat quarterly expectations, reporting a loss of $0.23 per share versus the estimated $0.30 loss and revenue of $180.02 million versus the $172.18 million consensus estimate. Shares opened at $30.75, while the company continues to report negative net margin and return on equity.

Sei Investments Co. increased its holdings in Civeo Corporation (NYSE:CVEO - Free Report) by 104.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 71,487 shares of the business services provider's stock after acquiring an additional 36,487 shares during the period. Sei Investments Co. owned approximately 0.65% of Civeo worth $1,892,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVEO. Clearstead Advisors LLC lifted its stake in shares of Civeo by 191.8% in the 4th quarter. Clearstead Advisors LLC now owns 1,538 shares of the business services provider's stock valued at $35,000 after purchasing an additional 1,011 shares during the last quarter. State of Wyoming acquired a new stake in shares of Civeo during the 2nd quarter worth about $66,000. Goldman Sachs Group Inc. acquired a new stake in shares of Civeo during the 1st quarter worth about $204,000. ExodusPoint Capital Management LP purchased a new stake in Civeo in the 4th quarter valued at about $573,000. Finally, Lido Advisors LLC lifted its position in Civeo by 12.7% in the fourth quarter. Lido Advisors LLC now owns 25,909 shares of the business services provider's stock valued at $596,000 after buying an additional 2,916 shares during the last quarter. Institutional investors and hedge funds own 81.44% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CVEO. Raymond James Financial initiated coverage on shares of Civeo in a research note on Tuesday, August 4th. They set a "strong-buy" rating and a $51.00 target price for the company. Weiss Ratings upgraded shares of Civeo from a "sell (d-)" rating to a "sell (d)" rating in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $44.00.

Civeo Stock Down 0.0%

CVEO stock opened at $30.75 on Monday. The company's 50 day moving average price is $33.26 and its 200 day moving average price is $30.55. The firm has a market capitalization of $317.92 million, a price-to-earnings ratio of -26.28 and a beta of 0.72. Civeo Corporation has a fifty-two week low of $19.75 and a fifty-two week high of $36.50. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.81 and a current ratio of 1.89.

Civeo (NYSE:CVEO - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.30) by $0.07. Civeo had a negative net margin of 1.93% and a negative return on equity of 7.82%. The company had revenue of $180.02 million during the quarter, compared to the consensus estimate of $172.18 million. On average, equities research analysts anticipate that Civeo Corporation will post -0.83 EPS for the current fiscal year.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source