Punch & Associates Investment Management Inc. Trims Stock Position in Civeo Corporation $CVEO

Key Points

• Punch & Associates Investment Management reduced its Civeo stake by 19.5% in the first quarter, selling 38,358 shares and leaving it with 158,260 shares valued at about $4.19 million.
• Civeo’s ownership remains heavily institutional, with hedge funds and other institutions holding 81.44% of the stock; several investors, including Millennium and Blue Owl, also increased their positions recently.
• The company posted better-than-expected first-quarter results, with earnings of ($0.34) per share versus an expected loss of $0.61 and revenue of $172.67 million, while analysts currently rate the stock a Hold with a $37.00 price target.

Punch & Associates Investment Management Inc. cut its stake in Civeo Corporation (NYSE:CVEO - Free Report) by 19.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 158,260 shares of the business services provider's stock after selling 38,358 shares during the quarter. Punch & Associates Investment Management Inc. owned about 1.45% of Civeo worth $4,188,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Goldman Sachs Group Inc. bought a new stake in shares of Civeo during the 4th quarter valued at about $2,290,000. Millennium Management LLC raised its stake in Civeo by 217.7% in the third quarter. Millennium Management LLC now owns 128,810 shares of the business services provider's stock worth $2,963,000 after buying an additional 88,267 shares in the last quarter. Blue Owl Capital Holdings LP raised its stake in Civeo by 16.7% in the fourth quarter. Blue Owl Capital Holdings LP now owns 370,530 shares of the business services provider's stock worth $8,474,000 after buying an additional 53,119 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Civeo by 38.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 189,057 shares of the business services provider's stock worth $4,324,000 after buying an additional 52,660 shares during the period. Finally, Sei Investments Co. lifted its holdings in Civeo by 104.2% in the first quarter. Sei Investments Co. now owns 71,487 shares of the business services provider's stock worth $1,892,000 after buying an additional 36,487 shares during the period. 81.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded Civeo from a "sell (d-)" rating to a "sell (d)" rating in a report on Monday, June 15th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Civeo has an average rating of "Hold" and a consensus price target of $37.00.

Civeo Stock Performance

Shares of Civeo stock opened at $34.76 on Friday. The company has a current ratio of 1.88, a quick ratio of 1.81 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $380.26 million, a P/E ratio of -29.21 and a beta of 0.73. The business has a fifty day simple moving average of $33.66 and a two-hundred day simple moving average of $29.96. Civeo Corporation has a 12 month low of $19.75 and a 12 month high of $36.50.

Civeo (NYSE:CVEO - Get Free Report) last released its earnings results on Friday, May 1st. The business services provider reported ($0.34) earnings per share for the quarter, topping analysts' consensus estimates of ($0.61) by $0.27. The firm had revenue of $172.67 million for the quarter, compared to the consensus estimate of $154.70 million. Civeo had a negative net margin of 2.10% and a negative return on equity of 7.72%. On average, equities analysts forecast that Civeo Corporation will post -1.11 earnings per share for the current fiscal year.

Civeo Profile

Civeo Corporation is a leading provider of workforce accommodations and integrated facility management services, primarily serving the oil and gas, mining, and construction sectors. The company specializes in the development, ownership, and operation of remote lodging facilities, commonly known as “man camps,” designed to house workers in geographically challenging environments. Its services include turnkey accommodations, catering, housekeeping, grounds maintenance, and logistical support, tailored to meet the needs of large-scale energy and resource projects.

With a network of lodges and villages across North America and Australia, Civeo caters to clients operating in regions such as Alberta's oil sands, the Bakken shale play, and Australia's Pilbara and Bowen Basin mining districts.

Want to see what other hedge funds are holding CVEO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Civeo Corporation (NYSE:CVEO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.