TCW Group Inc. Buys 15,628 Shares of Civeo Corporation (NYSE:CVEO)

Key Points

• TCW Group Inc. increased its stake in Civeo Corporation by 2.0%, owning 795,845 shares valued at $18.3 million after acquiring additional shares in the first quarter.
• Other institutional investors, including JPMorgan Chase and LPL Financial, also raised their holdings, bringing institutional ownership to 81.44% of the stock.
• Civeo reported a quarterly EPS of (0.72), exceeding estimates and generated revenue of $144.04 million, though lower than analyst expectations.

TCW Group Inc. lifted its position in shares of Civeo Corporation (NYSE:CVEO - Free Report) by 2.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 795,845 shares of the business services provider's stock after purchasing an additional 15,628 shares during the quarter. TCW Group Inc. owned approximately 5.87% of Civeo worth $18,304,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. BNP Paribas Financial Markets bought a new position in Civeo in the 4th quarter valued at $94,000. Mackenzie Financial Corp acquired a new position in Civeo in the fourth quarter valued at about $386,000. JPMorgan Chase & Co. grew its stake in Civeo by 4.8% in the fourth quarter. JPMorgan Chase & Co. now owns 19,707 shares of the business services provider's stock valued at $448,000 after acquiring an additional 894 shares during the period. Lazard Asset Management LLC grew its stake in Civeo by 24.0% in the fourth quarter. Lazard Asset Management LLC now owns 21,492 shares of the business services provider's stock valued at $488,000 after acquiring an additional 4,158 shares during the period. Finally, Lido Advisors LLC acquired a new position in Civeo in the fourth quarter valued at about $579,000. Institutional investors and hedge funds own 81.44% of the company's stock.

Analysts Set New Price Targets

CVEO has been the subject of several recent research reports. Stifel Nicolaus reduced their price objective on Civeo from $28.00 to $27.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Wall Street Zen cut Civeo from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th.

Civeo Stock Up 3.9%

Shares of CVEO stock traded up $0.94 on Thursday, hitting $24.98. 59,974 shares of the stock were exchanged, compared to its average volume of 95,160. Civeo Corporation has a fifty-two week low of $18.01 and a fifty-two week high of $28.92. The firm has a market capitalization of $335.99 million, a P/E ratio of -10.27 and a beta of 1.36. The company has a current ratio of 1.51, a quick ratio of 1.59 and a debt-to-equity ratio of 0.81. The business has a 50-day moving average of $23.04 and a 200 day moving average of $22.47.

Civeo (NYSE:CVEO - Get Free Report) last released its earnings results on Tuesday, July 29th. The business services provider reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.22). Civeo had a negative return on equity of 12.76% and a negative net margin of 5.25%. The company had revenue of $162.69 million for the quarter, compared to the consensus estimate of $166.38 million. During the same quarter in the previous year, the company posted $0.57 EPS. Equities analysts anticipate that Civeo Corporation will post -0.58 EPS for the current 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.