Mad River Investors Sells 11,559 Shares of Civeo Corporation $CVEO

Key Points

• Mad River Investors has reduced its stake in Civeo Corporation (NYSE:CVEO) by 14.5%, now holding 67,938 shares valued at approximately $1.57 million.
• Civeo reported a loss of $0.25 EPS in its recent quarterly earnings, falling short of the consensus estimate by $0.22, with revenue also below expectations at $162.69 million.
• Institutional investors hold 81.44% of Civeo's stock, indicating significant confidence from the investment community in the company.

Mad River Investors lessened its holdings in Civeo Corporation (NYSE:CVEO - Free Report) by 14.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,938 shares of the business services provider's stock after selling 11,559 shares during the period. Civeo accounts for about 0.7% of Mad River Investors' investment portfolio, making the stock its 14th biggest holding. Mad River Investors owned approximately 0.51% of Civeo worth $1,569,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CVEO. Engine Capital Management LP acquired a new stake in shares of Civeo in the 1st quarter valued at $30,777,000. Bridgeway Capital Management LLC raised its holdings in Civeo by 34.0% in the 1st quarter. Bridgeway Capital Management LLC now owns 253,973 shares of the business services provider's stock worth $5,841,000 after acquiring an additional 64,470 shares during the period. Charles Schwab Investment Management Inc. bought a new position in shares of Civeo during the 1st quarter worth about $1,070,000. American Century Companies Inc. increased its holdings in shares of Civeo by 10.1% during the 1st 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 period. Finally, Man Group plc increased its holdings in shares of Civeo by 108.0% during the 4th quarter. Man Group plc now owns 71,597 shares of the business services provider's stock worth $1,627,000 after purchasing an additional 37,173 shares during the period. Institutional investors and hedge funds own 81.44% of the company's stock.

Wall Street Analyst Weigh In

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

Civeo Trading Down 0.8%

Shares of CVEO traded down $0.18 on Friday, reaching $22.79. 10,525 shares of the company's stock were exchanged, compared to its average volume of 89,747. The business has a 50 day moving average price of $23.51 and a two-hundred day moving average price of $22.19. 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 capitalization of $285.96 million, a P/E ratio of -9.39 and a beta of 1.30. Civeo Corporation has a 12 month low of $18.01 and a 12 month high of $28.85.

Civeo (NYSE:CVEO - Get Free Report) last posted its earnings results on Tuesday, July 29th. The business services provider reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.22). The firm had revenue of $162.69 million during 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 quarter last year, the business posted $0.57 earnings per share. Civeo has set its FY 2025 guidance at EPS. Research analysts anticipate that Civeo Corporation will post -0.58 earnings per share for the current year.

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.