Civeo (NYSE:CVEO) Stock Rating Raised to Strong-Buy at Roth Capital

Roth Capital upgraded shares of Civeo (NYSE:CVEO) to a strong-buy rating in a report released on Thursday,Zacks reports.

Other analysts also recently issued reports about the company. Raymond James Financial downgraded Civeo from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Northland Securities began coverage on shares of Civeo in a research report on Thursday. They set an “outperform” rating and a $42.00 price target on the stock. Finally, Weiss Ratings raised shares of Civeo from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.25.

Civeo Trading Up 2.9%

Shares of Civeo stock opened at $33.73 on Thursday. The stock has a market cap of $348.80 million, a P/E ratio of -28.83 and a beta of 0.71. The stock’s 50 day simple moving average is $33.23 and its 200-day simple moving average is $32.24. Civeo has a 1-year low of $19.75 and a 1-year high of $36.50. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.89 and a quick ratio of 1.81.

Civeo (NYSE:CVEO) last posted its quarterly earnings results on Thursday, July 30th. The business services provider reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.07. Civeo had a negative return on equity of 7.82% and a negative net margin of 1.93%.The firm had revenue of $180.02 million during the quarter, compared to analysts’ expectations of $172.18 million. Analysts predict that Civeo will post -0.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Civeo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. OMERS ADMINISTRATION Corp acquired a new position in shares of Civeo in the 1st quarter valued at $217,000. Engineers Gate Manager LP acquired a new stake in shares of Civeo during the second quarter valued at about $217,000. Bank of New York Mellon Corp purchased a new stake in shares of Civeo in the 2nd quarter valued at approximately $1,032,000. Ritholtz Wealth Management lifted its holdings in shares of Civeo by 9.4% in the 1st quarter. Ritholtz Wealth Management now owns 40,352 shares of the business services provider’s stock worth $1,068,000 after acquiring an additional 3,470 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Civeo by 104.2% in the 1st quarter. Sei Investments Co. now owns 71,487 shares of the business services provider’s stock worth $1,892,000 after acquiring an additional 36,487 shares during the last quarter. Institutional investors and hedge funds own 81.44% of the company’s stock.

About Civeo

Civeo Corporation provides workforce accommodations and related hospitality services for companies operating in remote and challenging environments. Its customers primarily include businesses in the natural resources, mining, energy and infrastructure industries.

The company operates workforce villages, lodges and mobile camps, offering rooms and lodging along with catering, housekeeping, facility management, maintenance, transportation and other support services. These integrated services are designed to support employees working at remote project sites and production locations.

Civeo serves customers primarily in Australia and Canada, where it operates accommodations and provides hospitality services in resource-producing regions.