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

Several other hedge funds have also bought and sold shares of CVEO. Engine Capital Management LP bought a new position in shares of Civeo in the first quarter worth approximately $30,777,000. Balyasny Asset Management L.P. purchased a new stake in Civeo during the fourth quarter valued at approximately $1,941,000. Bridgeway Capital Management LLC increased its stake in shares of Civeo by 34.0% in the first quarter. Bridgeway Capital Management LLC now owns 253,973 shares of the business services provider's stock worth $5,841,000 after purchasing an additional 64,470 shares in the last quarter. Charles Schwab Investment Management Inc. purchased a new stake in shares of Civeo in the first quarter worth $1,070,000. Finally, American Century Companies Inc. increased 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 in the last quarter. Institutional investors own 81.44% of the company's stock.

Civeo Trading Down 0.4%

NYSE CVEO opened at $23.37 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.45 and a current ratio of 1.51. The company has a market capitalization of $293.31 million, a price-to-earnings ratio of -9.62 and a beta of 1.30. The company's 50-day simple moving average is $23.65 and its two-hundred day simple moving average is $22.32. Civeo Corporation has a one year low of $18.01 and a one year high of $28.92.

Civeo (NYSE:CVEO - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $162.69 million during the quarter, compared to analysts' expectations 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 previous year, the firm earned $0.57 EPS. Civeo has set its FY 2025 guidance at EPS. Equities analysts forecast that Civeo Corporation will post -0.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered 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, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price 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.

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