Short Interest in Civeo Corporation (NYSE:CVEO) Decreases By 14.4%

Key Points

• Short interest dropped 14.4% in April to 253,970 shares (about 2.4% of the float) with a days-to-cover ratio of roughly 2.9.
• Insiders have been net sellers, offloading 430,184 shares valued at $12.39 million in the last three months — notably Engine Capital sold 417,015 shares, cutting its stake by ~86% — while corporate insiders still own about 6.5% of the company.
• Civeo beat the quarter with EPS of ($0.34) versus consensus ($0.61) (a $0.27 beat), and the stock trades around $31.34 with a market cap near $343 million.

Civeo Corporation (NYSE:CVEO - Get Free Report) saw a significant decline in short interest in the month of April. As of April 15th, there was short interest totaling 253,970 shares, a decline of 14.4% from the March 31st total of 296,811 shares. Based on an average trading volume of 88,066 shares, the days-to-cover ratio is presently 2.9 days. Currently, 2.4% of the shares of the company are sold short.

Insider Buying and Selling at Civeo

In other news, SVP Peter Mccann sold 4,000 shares of the business's stock in a transaction on Friday, March 6th. The shares were sold at an average price of $28.64, for a total transaction of $114,560.00. Following the completion of the transaction, the senior vice president owned 50,942 shares of the company's stock, valued at approximately $1,458,978.88. The trade was a 7.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Engine Capital Management, Lp sold 417,015 shares of the company's stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $28.80, for a total transaction of $12,010,032.00. Following the completion of the sale, the insider directly owned 66,119 shares of the company's stock, valued at $1,904,227.20. The trade was a 86.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 430,184 shares of company stock valued at $12,390,768. Corporate insiders own 6.50% of the company's stock.

Institutional Investors Weigh In On Civeo

Large investors have recently made changes to their positions in the company. Clearstead Advisors LLC grew its stake in shares of Civeo by 191.8% in the 4th quarter. Clearstead Advisors LLC now owns 1,538 shares of the business services provider's stock valued at $35,000 after buying an additional 1,011 shares in the last quarter. State of Wyoming bought a new stake in shares of Civeo in the second quarter valued at approximately $66,000. Quent Capital LLC bought a new position in Civeo in the third quarter worth $79,000. Goldman Sachs Group Inc. bought a new position in Civeo in the first quarter worth $204,000. Finally, ExodusPoint Capital Management LP bought a new position in Civeo in the fourth quarter worth $573,000. Institutional investors own 81.44% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus upped their price objective on shares of Civeo from $33.00 to $37.00 and gave the stock a "buy" rating in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $37.00.

Civeo Trading Down 1.8%

NYSE CVEO traded down $0.56 on Friday, hitting $31.34. 142,599 shares of the company were exchanged, compared to its average volume of 63,608. The firm has a market capitalization of $342.86 million, a P/E ratio of -19.96 and a beta of 0.65. Civeo has a twelve month low of $18.60 and a twelve month high of $34.80. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.54 and a quick ratio of 1.47. The company's 50 day moving average price is $28.55 and its 200-day moving average price is $25.34.

Civeo (NYSE:CVEO - Get Free Report) last issued its earnings results on Friday, May 1st. The business services provider reported ($0.34) earnings per share for the quarter, beating analysts' consensus estimates of ($0.61) by $0.27. Civeo had a negative return on equity of 10.20% and a negative net margin of 3.14%. Analysts predict that Civeo will post -0.7 earnings per share for the current fiscal year.

Civeo Company 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.

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