Engine Capital Management LP Has $23.14 Million Holdings in Civeo Corporation $CVEO

Key Points

• Engine Capital Management cut its Civeo stake by 34.6% in the first quarter, selling 463,638 shares. It still held 874,476 shares worth approximately $23.14 million, representing 7.99% of Civeo and 2.8% of its portfolio.
• Institutional investors collectively own 81.44% of Civeo, with several funds—including Arrowstreet Capital, Sei Investments, Dimensional Fund Advisors, and Ritholtz Wealth Management—increasing their positions during the quarter.
• Civeo reported quarterly revenue of $172.67 million and an adjusted EPS loss of $0.34, both better than analyst expectations. Analysts maintain a consensus “Hold” rating with a $37 target price, while shares recently opened at $34.53.

Engine Capital Management LP lessened its position in shares of Civeo Corporation (NYSE:CVEO - Free Report) by 34.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 874,476 shares of the business services provider's stock after selling 463,638 shares during the period. Civeo makes up approximately 2.8% of Engine Capital Management LP's investment portfolio, making the stock its 12th largest position. Engine Capital Management LP owned about 7.99% of Civeo worth $23,139,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. OMERS ADMINISTRATION Corp bought a new position in shares of Civeo during the first quarter worth approximately $217,000. Arrowstreet Capital Limited Partnership boosted its stake in Civeo by 12.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 126,478 shares of the business services provider's stock valued at $3,347,000 after purchasing an additional 13,564 shares during the period. Sei Investments Co. grew its holdings in Civeo by 104.2% in the 1st quarter. Sei Investments Co. now owns 71,487 shares of the business services provider's stock valued at $1,892,000 after buying an additional 36,487 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Civeo by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 639,272 shares of the business services provider's stock valued at $16,915,000 after buying an additional 11,114 shares in the last quarter. Finally, Ritholtz Wealth Management increased its position in Civeo by 9.4% during the 1st quarter. Ritholtz Wealth Management now owns 40,352 shares of the business services provider's stock worth $1,068,000 after buying an additional 3,470 shares during the period. Institutional investors and hedge funds own 81.44% of the company's stock.

Analyst Upgrades and Downgrades

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

Civeo Stock Performance

Shares of NYSE:CVEO opened at $34.53 on Tuesday. The company's 50 day moving average price is $33.67 and its two-hundred day moving average price is $30.08. Civeo Corporation has a 12-month low of $19.75 and a 12-month high of $36.50. The firm has a market cap of $377.80 million, a PE ratio of -29.02 and a beta of 0.73. The company has a quick ratio of 1.81, a current ratio of 1.88 and a debt-to-equity ratio of 1.32.

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

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