1,338,114 Shares in Civeo Corporation $CVEO Purchased by Engine Capital Management LP

Key Points

• Engine Capital Management LP has acquired a new stake in Civeo Corporation, purchasing 1,338,114 shares valued at approximately $30.8 million, which now accounts for 5.8% of its holdings.
• Civeo's recent earnings report showed a loss of ($0.25) EPS, missing estimates, with revenue of $162.69 million, which was also below expectations.
• Analyst sentiment for Civeo has shifted, with a recent downgrade from "hold" to "sell" by Wall Street Zen, even as the consensus rating remains "Buy" with a target price of $27.00.

Engine Capital Management LP acquired a new position in Civeo Corporation (NYSE:CVEO - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,338,114 shares of the business services provider's stock, valued at approximately $30,777,000. Civeo comprises about 5.8% of Engine Capital Management LP's holdings, making the stock its 8th largest holding. Engine Capital Management LP owned approximately 9.95% of Civeo as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Civeo by 7.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 517,457 shares of the business services provider's stock valued at $11,756,000 after acquiring an additional 35,648 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Civeo in the 4th quarter valued at $94,000. Balyasny Asset Management L.P. acquired a new position in shares of Civeo in the 4th quarter valued at $1,941,000. Bridgeway Capital Management LLC lifted its stake in shares of Civeo by 9.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 189,503 shares of the business services provider's stock valued at $4,306,000 after purchasing an additional 16,385 shares during the period. Finally, Lazard Asset Management LLC lifted its stake 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 during the period. Hedge funds and other institutional investors own 81.44% of the company's stock.

Civeo Trading Down 1.9%

CVEO stock traded down $0.45 during mid-day trading on Tuesday, hitting $22.94. 71,223 shares of the company were exchanged, compared to its average volume of 91,052. 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 market capitalization of $287.94 million, a P/E ratio of -9.45 and a beta of 1.30. The business has a fifty day simple moving average of $23.65 and a 200-day simple moving average of $22.23. Civeo Corporation has a 12-month low of $18.01 and a 12-month high of $28.92.

Civeo (NYSE:CVEO - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The business services provider reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.22). The business had revenue of $162.69 million for the quarter, compared to analyst estimates of $166.38 million. Civeo had a negative return on equity of 12.76% and a negative net margin of 5.25%.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 research analysts predict that Civeo Corporation will post -0.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

About Civeo

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.