Civeo (NYSE:CVEO) Stock Price Crosses Below 50 Day Moving Average – Here’s What Happened

Civeo Corporation (NYSE:CVEO) shares passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $33.39 and traded as low as $31.98. Civeo shares last traded at $34.2650, with a volume of 419,844 shares traded.

Analyst Upgrades and Downgrades

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

Civeo Stock Up 7.0%

The firm has a 50 day simple moving average of $33.39 and a two-hundred day simple moving average of $29.44. The stock has a market capitalization of $374.86 million, a P/E ratio of -28.79 and a beta of 0.73. The company has a quick ratio of 1.81, a current ratio of 1.88 and a debt-to-equity ratio of 1.32.

Civeo (NYSE:CVEO) last posted its quarterly earnings results on Friday, May 1st. The business services provider reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.27. Civeo had a negative return on equity of 7.72% and a negative net margin of 2.10%.The company had revenue of $172.67 million during the quarter, compared to analysts’ expectations of $154.70 million. On average, equities research analysts expect that Civeo Corporation will post -1.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CVEO. Clearstead Advisors LLC lifted its holdings in shares of Civeo by 191.8% in the fourth quarter. Clearstead Advisors LLC now owns 1,538 shares of the business services provider’s stock worth $35,000 after acquiring an additional 1,011 shares during the last quarter. State of Wyoming bought a new stake in shares of Civeo during the 2nd quarter valued at approximately $66,000. Goldman Sachs Group Inc. acquired a new position in Civeo during the 1st quarter worth approximately $204,000. OMERS ADMINISTRATION Corp acquired a new position in Civeo during the 1st quarter worth approximately $217,000. Finally, ExodusPoint Capital Management LP bought a new position in Civeo in the 4th quarter valued at approximately $573,000. Institutional investors and hedge funds own 81.44% of the company’s stock.

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.