Ritholtz Wealth Management Purchases Shares of 32,383 Civeo Corporation $CVEO

Key Points

• Ritholtz Wealth Management purchased 32,383 shares of Civeo Corporation valued at approximately $748,000, owning 0.24% of the company as of its latest SEC filing.
• Multiple institutional investors have shown interest in Civeo, with total institutional ownership at 81.44%, highlighting significant confidence from major investment firms.
• Analysts have recently downgraded Civeo's stock rating, with Zacks Research reducing it from "hold" to "strong sell," reflecting a pessimistic outlook on the company's performance.

Ritholtz Wealth Management purchased a new stake in shares of Civeo Corporation (NYSE:CVEO - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 32,383 shares of the business services provider's stock, valued at approximately $748,000. Ritholtz Wealth Management owned 0.24% of Civeo as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Goldman Sachs Group Inc. bought a new stake in shares of Civeo in the first quarter worth about $204,000. Clough Capital Partners L P bought a new stake in shares of Civeo in the first quarter worth about $728,000. Charles Schwab Investment Management Inc. bought a new stake in shares of Civeo in the first quarter worth about $1,070,000. Empowered Funds LLC increased its holdings in shares of Civeo by 5.5% in the first quarter. Empowered Funds LLC now owns 106,318 shares of the business services provider's stock worth $2,445,000 after purchasing an additional 5,570 shares during the last quarter. Finally, Topline Capital Management LLC increased its holdings 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. 81.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Zacks Research cut Civeo from a "hold" rating to a "strong sell" rating in a report on Wednesday. Wall Street Zen cut Civeo from a "hold" rating to a "sell" rating in a report on Saturday, October 4th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Civeo in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $27.00.

Civeo Trading Up 2.0%

CVEO opened at $21.38 on Friday. The firm has a market cap of $268.41 million, a P/E ratio of -8.80 and a beta of 1.20. Civeo Corporation has a 12 month low of $18.01 and a 12 month high of $28.23. 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 50-day moving average of $22.57 and a 200 day moving average of $22.18.

Civeo (NYSE:CVEO - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The business services provider reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.22). The company 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 quarter in the prior year, the business posted $0.57 EPS. Civeo has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Civeo Corporation will post -0.58 EPS 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.

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