Punch & Associates Investment Management Inc. Sells 160,830 Shares of Civeo Corporation $CVEO

Key Points

• Punch & Associates Investment Management Inc. reduced its stake in Civeo Corporation by 37.0%, selling 160,830 shares and now holds approximately 2.03% of the company valued at $6.29 million.
• Civeo recently reported a loss of $0.25 per share for the last quarter, missing expectations, with revenues of $162.69 million compared to projected revenues of $166.38 million.
• Wall Street analysts have downgraded Civeo's rating from "hold" to "sell," while the consensus rating remains at "buy" with a target price of $27.00.

Punch & Associates Investment Management Inc. reduced its stake in Civeo Corporation (NYSE:CVEO - Free Report) by 37.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 273,470 shares of the business services provider's stock after selling 160,830 shares during the quarter. Punch & Associates Investment Management Inc. owned 2.03% of Civeo worth $6,290,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Engine Capital Management LP acquired a new position in Civeo during the 1st quarter worth approximately $30,777,000. Charles Schwab Investment Management Inc. acquired a new position in Civeo during the 1st quarter worth approximately $1,070,000. Millennium Management LLC boosted its position in Civeo by 18.2% during the 4th quarter. Millennium Management LLC now owns 80,055 shares of the business services provider's stock worth $1,819,000 after acquiring an additional 12,299 shares during the last quarter. TCW Group Inc. boosted its position in Civeo by 2.0% during the 1st quarter. TCW Group Inc. now owns 795,845 shares of the business services provider's stock worth $18,304,000 after acquiring an additional 15,628 shares during the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Civeo during the 4th quarter worth approximately $386,000. Institutional investors and hedge funds own 81.44% of the company's stock.

Analyst Upgrades and Downgrades

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

Civeo Stock Performance

Shares of CVEO traded down $0.07 during mid-day trading on Thursday, reaching $23.16. The company's stock had a trading volume of 74,262 shares, compared to its average volume of 91,082. Civeo Corporation has a 1-year low of $18.01 and a 1-year high of $28.92. The business has a 50-day simple moving average of $23.64 and a two-hundred day simple moving average of $22.24. 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 $290.60 million, a P/E ratio of -9.53 and a beta of 1.30.

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 analysts' consensus estimates of ($0.03) by ($0.22). The company 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 earned $0.57 EPS. Civeo has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Civeo Corporation will post -0.58 earnings per share for the current fiscal year.

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.