Civeo (NYSE:CVEO) Shares Cross Below 50-Day Moving Average – Should You Sell?

Civeo Corporation (NYSE:CVEO)’s share price crossed 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 Ratings Changes

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

Civeo Trading Down 0.2%

The stock has a market capitalization of $382.36 million, a PE ratio of -29.37 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. The business’s 50-day moving average is $33.46 and its two-hundred day moving average is $29.52.

Civeo (NYSE:CVEO) last issued its quarterly earnings data on Friday, May 1st. The business services provider reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.61) by $0.27. The company 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%. On average, analysts anticipate that Civeo Corporation will post -1.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Civeo

A number of hedge funds have recently modified their holdings of CVEO. Dimensional Fund Advisors LP raised its position 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 valued at $16,915,000 after purchasing an additional 11,114 shares during the last quarter. Blue Owl Capital Holdings LP raised its holdings in shares of Civeo by 16.7% in the fourth quarter. Blue Owl Capital Holdings LP now owns 370,530 shares of the business services provider’s stock valued at $8,474,000 after buying an additional 53,119 shares during the last quarter. Punch & Associates Investment Management Inc. boosted its stake in shares of Civeo by 0.8% during the third quarter. Punch & Associates Investment Management Inc. now owns 275,585 shares of the business services provider’s stock worth $6,338,000 after buying an additional 2,115 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Civeo by 38.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 189,057 shares of the business services provider’s stock worth $4,324,000 after buying an additional 52,660 shares during the period. Finally, Boston Partners grew its holdings in shares of Civeo by 12.4% during the fourth quarter. Boston Partners now owns 161,911 shares of the business services provider’s stock worth $3,703,000 after buying an additional 17,871 shares during the last quarter. 81.44% of the stock is currently owned by hedge funds and other institutional investors.

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.