Engine Capital Management LP Acquires Shares of 1,338,114 Civeo Corporation $CVEO

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 purchased a new position in shares of Civeo Corporation (NYSE:CVEO - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 1,338,114 shares of the business services provider's stock, valued at approximately $30,777,000. Civeo accounts for 5.8% of Engine Capital Management LP's holdings, making the stock its 8th biggest position. Engine Capital Management LP owned about 9.95% of Civeo at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Bridgeway Capital Management LLC raised its stake in Civeo by 34.0% during the 1st quarter. Bridgeway Capital Management LLC now owns 253,973 shares of the business services provider's stock worth $5,841,000 after buying an additional 64,470 shares during the period. Clough Capital Partners L P purchased a new stake in shares of Civeo in the first quarter worth approximately $728,000. Topline Capital Management LLC raised its stake in shares of Civeo by 3.7% in the first quarter. Topline Capital Management LLC now owns 212,823 shares of the business services provider's stock worth $4,895,000 after purchasing an additional 7,577 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Civeo by 10.1% in the first quarter. American Century Companies Inc. now owns 438,374 shares of the business services provider's stock worth $10,083,000 after purchasing an additional 40,361 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. purchased a new stake in shares of Civeo in the first quarter worth approximately $1,070,000. 81.44% of the stock is owned by institutional investors and hedge funds.

Civeo Stock Performance

Shares of CVEO traded down $0.02 on Monday, reaching $23.39. 66,935 shares of the company's stock traded hands, compared to its average volume of 91,181. The company has a current ratio of 1.51, a quick ratio of 1.45 and a debt-to-equity ratio of 0.81. The stock has a market cap of $293.48 million, a PE ratio of -9.62 and a beta of 1.30. The stock's 50 day simple moving average is $23.65 and its two-hundred day simple moving average is $22.26. Civeo Corporation has a 52-week low of $18.01 and a 52-week 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) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.22). The business had revenue of $162.69 million for the quarter, compared to analysts' expectations of $166.38 million. Civeo had a negative net margin of 5.25% and a negative return on equity of 12.76%. During the same period in the previous year, the business posted $0.57 earnings per share. Civeo has set its FY 2025 guidance at EPS. On average, analysts forecast that Civeo Corporation will post -0.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded Civeo from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Civeo currently has a consensus rating of "Buy" and a consensus target price of $27.00.

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.