Civeo Corporation $CVEO Shares Sold by Flat Footed LLC

Key Points

• Flat Footed LLC reduced its Civeo stake by 25% in the first quarter, selling 115,518 shares and retaining 347,240 shares worth approximately $9.2 million. Institutional investors collectively own 81.44% of CVEO.
• Analyst sentiment remains mixed, with one Buy, one Hold, and one Sell rating, resulting in a consensus “Hold” rating and a $37 target price.
• Civeo shares opened at $34.76, near their 52-week high, while the company’s latest quarter beat earnings and revenue expectations. Analysts forecast a full-year loss of $1.11 per share.

Flat Footed LLC lessened its holdings in Civeo Corporation (NYSE:CVEO - Free Report) by 25.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 347,240 shares of the business services provider's stock after selling 115,518 shares during the quarter. Civeo accounts for approximately 1.0% of Flat Footed LLC's investment portfolio, making the stock its 9th biggest position. Flat Footed LLC owned about 3.17% of Civeo worth $9,188,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CVEO. Blue Owl Capital Holdings LP raised its holdings in shares of Civeo by 16.7% during the 4th 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 lifted its position in shares of Civeo by 12.5% during the 4th quarter. GSA Capital Partners LLP now owns 51,113 shares of the business services provider's stock worth $1,169,000 after buying an additional 5,681 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Civeo by 1.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 628,158 shares of the business services provider's stock valued at $14,366,000 after buying an additional 9,784 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Civeo by 38.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 189,057 shares of the business services provider's stock valued at $4,324,000 after buying an additional 52,660 shares in the last quarter. Finally, Boston Partners grew its position in Civeo by 8.6% in the third quarter. Boston Partners now owns 144,040 shares of the business services provider's stock valued at $3,313,000 after acquiring an additional 11,432 shares during the last quarter. Institutional investors and hedge funds own 81.44% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of Civeo from a "sell (d-)" rating to a "sell (d)" rating in a research note on Monday, June 15th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $37.00.

Civeo Stock Up 0.3%

Shares of NYSE:CVEO opened at $34.76 on Monday. Civeo Corporation has a 52-week low of $19.75 and a 52-week high of $36.50. The company has a market capitalization of $380.26 million, a PE ratio of -29.21 and a beta of 0.73. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.81 and a current ratio of 1.88. The company has a fifty day moving average of $33.66 and a 200-day moving average of $30.01.

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

About Civeo

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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