Civeo Co. (NYSE:CVEO – Free Report) was the recipient of a significant decline in short interest in the month of June. As of June 15th, there was short interest totalling 124,300 shares, a decline of 31.7% from the May 31st total of 181,900 shares. Based on an average daily volume of 69,100 shares, the days-to-cover ratio is currently 1.8 days. Currently, 0.9% of the company’s shares are sold short.
Hedge Funds Weigh In On Civeo
Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its holdings in Civeo by 466.5% in the fourth quarter. Bank of America Corp DE now owns 1,082 shares of the business services provider’s stock worth $34,000 after purchasing an additional 891 shares in the last quarter. Dorsey Wright & Associates bought a new position in Civeo in the fourth quarter worth about $38,000. Lazard Asset Management LLC bought a new position in Civeo in the first quarter worth about $55,000. Parian Global Management LP bought a new position in Civeo in the third quarter worth about $101,000. Finally, Acadian Asset Management LLC raised its holdings in Civeo by 33.2% in the first quarter. Acadian Asset Management LLC now owns 5,387 shares of the business services provider’s stock worth $124,000 after purchasing an additional 1,342 shares in the last quarter. 84.97% of the stock is currently owned by institutional investors.
Civeo Price Performance
NYSE:CVEO opened at $19.48 on Monday. Civeo has a 1-year low of $17.87 and a 1-year high of $36.88. The company has a 50-day moving average of $19.99 and a 200 day moving average of $24.91. The company has a quick ratio of 1.47, a current ratio of 1.54 and a debt-to-equity ratio of 0.41.
Civeo (NYSE:CVEO – Free Report) last released its quarterly earnings data on Friday, April 28th. The business services provider reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.16). Civeo had a positive return on equity of 0.26% and a negative net margin of 0.54%. The business had revenue of $167.59 million during the quarter, compared to analysts’ expectations of $157.04 million. Research analysts anticipate that Civeo will post -0.31 EPS for the current fiscal year.
Analyst Ratings Changes
A number of brokerages have recently issued reports on CVEO. StockNews.com began coverage on shares of Civeo in a research note on Thursday, May 18th. They set a “buy” rating for the company. Stifel Nicolaus lowered their price objective on shares of Civeo from $37.00 to $31.00 in a research note on Monday, May 1st.
About Civeo
Civeo Corporation provides hospitality services to the natural resource industry in Canada, Australia, and the United States. The company develops lodges and villages; and mobile assets, including modular, skid-mounted accommodation, and central facilities that provide short to medium-term accommodation needs.