Civeo (NYSE:CVEO) Shares Pass Above 50 Day Moving Average – Here’s What Happened

Civeo Corporation (NYSE:CVEO)’s share price passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $33.29 and traded as high as $33.94. Civeo shares last traded at $30.02, with a volume of 325,270 shares trading hands.

Wall Street Analyst Weigh In

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

Civeo Stock Performance

The stock has a market capitalization of $328.42 million, a P/E ratio of -25.23 and a beta of 0.73. The stock has a 50 day simple moving average of $33.29 and a two-hundred day simple moving average of $28.89. 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 announced its quarterly earnings data on Friday, May 1st. The business services provider reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.27. The company had revenue of $172.67 million for the quarter, compared to analysts’ expectations of $154.70 million. Civeo had a negative return on equity of 7.72% and a negative net margin of 2.10%. On average, equities analysts forecast that Civeo Corporation will post -1.1 EPS for the current fiscal year.

Institutional Trading of Civeo

A number of large investors have recently added to or reduced their stakes in CVEO. Clearstead Advisors LLC grew its position 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 acquiring an additional 1,011 shares during the period. State of Wyoming acquired a new stake in Civeo in the 2nd quarter valued at about $66,000. Goldman Sachs Group Inc. acquired a new stake in Civeo in the 1st quarter valued at about $204,000. OMERS ADMINISTRATION Corp bought a new position in Civeo during the first quarter worth about $217,000. Finally, ExodusPoint Capital Management LP acquired a new position in Civeo during the fourth quarter worth 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.