Civeo (NYSE:CVEO) Share Price Passes Above 50-Day Moving Average – What’s Next?

Shares of Civeo Corporation (NYSE:CVEO) crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $33.64 and traded as high as $35.66. Civeo shares last traded at $35.02, with a volume of 191,087 shares trading hands.

Wall Street Analyst Weigh In

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

Civeo Stock Performance

The business has a 50 day simple moving average of $33.66 and a 200 day simple moving average of $29.96. The company has a quick ratio of 1.81, a current ratio of 1.88 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $380.26 million, a PE ratio of -29.21 and a beta of 0.73.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. OMERS ADMINISTRATION Corp acquired a new stake in shares of Civeo during the first quarter worth $217,000. Arrowstreet Capital Limited Partnership increased its position in shares of Civeo by 12.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 126,478 shares of the business services provider’s stock valued at $3,347,000 after acquiring an additional 13,564 shares during the period. Sei Investments Co. increased its position 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 valued at $1,892,000 after acquiring an additional 36,487 shares during the period. Dimensional Fund Advisors LP raised its stake in Civeo by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 639,272 shares of the business services provider’s stock worth $16,915,000 after acquiring an additional 11,114 shares during the last quarter. Finally, Ritholtz Wealth Management raised its stake in 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. Hedge funds and other institutional investors own 81.44% of the company’s stock.

About Civeo

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.