Royce & Associates LP Sells 40,028 Shares of Civeo Corporation $CVEO

Royce & Associates LP reduced its holdings in shares of Civeo Corporation (NYSE:CVEO) by 51.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,342 shares of the business services provider’s stock after selling 40,028 shares during the quarter. Royce & Associates LP’s holdings in Civeo were worth $882,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State of Wyoming purchased a new position in shares of Civeo during the second quarter valued at approximately $66,000. Quent Capital LLC purchased a new stake in Civeo in the 3rd quarter valued at $79,000. Goldman Sachs Group Inc. purchased a new stake in Civeo in the 1st quarter valued at $204,000. XTX Topco Ltd bought a new position in Civeo during the 2nd quarter valued at $255,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Civeo by 5.0% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 37,029 shares of the business services provider’s stock valued at $855,000 after acquiring an additional 1,759 shares in the last quarter. 81.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CVEO shares. Zacks Research upgraded shares of Civeo from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 20th. Weiss Ratings reissued a “sell (d)” rating on shares of Civeo in a research report on Monday, December 29th. Finally, Stifel Nicolaus boosted their price target on shares of Civeo from $33.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Civeo has a consensus rating of “Hold” and an average target price of $37.00.

Insiders Place Their Bets

In other news, major shareholder Engine Capital Management, Lp sold 417,015 shares of Civeo stock in a transaction on Friday, February 13th. The stock was sold at an average price of $28.80, for a total value of $12,010,032.00. Following the completion of the transaction, the insider directly owned 66,119 shares in the company, valued at approximately $1,904,227.20. The trade was a 86.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Peter Mccann sold 4,000 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $28.64, for a total value of $114,560.00. Following the sale, the senior vice president directly owned 50,942 shares in the company, valued at $1,458,978.88. This trade represents a 7.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 430,184 shares of company stock valued at $12,390,768 over the last ninety days. Corporate insiders own 4.70% of the company’s stock.

Civeo Price Performance

Shares of NYSE:CVEO opened at $28.90 on Friday. The firm has a market capitalization of $316.46 million, a PE ratio of -18.41, a P/E/G ratio of 79.12 and a beta of 0.57. The company has a quick ratio of 1.57, a current ratio of 1.54 and a debt-to-equity ratio of 1.05. The company has a 50-day moving average price of $26.12 and a two-hundred day moving average price of $23.74. Civeo Corporation has a twelve month low of $18.01 and a twelve month high of $29.68.

Civeo (NYSE:CVEO) last announced its quarterly earnings results on Tuesday, March 3rd. The business services provider reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.15). The business had revenue of $161.62 million for the quarter, compared to analysts’ expectations of $170.17 million. Civeo had a negative net margin of 3.14% and a negative return on equity of 10.20%. Equities analysts forecast that Civeo Corporation will post -0.58 EPS for the current 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.