Engine Capital Management LP Invests $30.78 Million in Civeo Corporation $CVEO

Engine Capital Management LP bought a new position in Civeo Corporation (NYSE:CVEO) in the 1st quarter, Holdings Channel.com reports. The firm bought 1,338,114 shares of the business services provider’s stock, valued at approximately $30,777,000. Civeo makes up 5.8% of Engine Capital Management LP’s portfolio, making the stock its 8th biggest holding. Engine Capital Management LP owned about 0.10% of Civeo as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. TCW Group Inc. boosted its position in shares of Civeo by 2.0% in the first quarter. TCW Group Inc. now owns 795,845 shares of the business services provider’s stock worth $18,304,000 after buying an additional 15,628 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Civeo by 7.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 517,457 shares of the business services provider’s stock worth $11,756,000 after buying an additional 35,648 shares during the period. American Century Companies Inc. boosted its position in shares of Civeo by 10.1% in the first quarter. American Century Companies Inc. now owns 438,374 shares of the business services provider’s stock worth $10,083,000 after buying an additional 40,361 shares during the period. Bridgeway Capital Management LLC boosted its position in shares of Civeo by 34.0% in the first quarter. Bridgeway Capital Management LLC now owns 253,973 shares of the business services provider’s stock worth $5,841,000 after buying an additional 64,470 shares during the period. Finally, Topline Capital Management LLC boosted its position in shares of Civeo by 3.7% in the first quarter. Topline Capital Management LLC now owns 212,823 shares of the business services provider’s stock worth $4,895,000 after buying an additional 7,577 shares during the period. Hedge funds and other institutional investors own 81.44% of the company’s stock.

Civeo Trading Down 1.3%

Shares of NYSE CVEO opened at $23.26 on Thursday. The company has a quick ratio of 1.45, a current ratio of 1.51 and a debt-to-equity ratio of 0.81. The stock’s 50 day moving average price is $23.63 and its two-hundred day moving average price is $22.34. Civeo Corporation has a 52-week low of $18.01 and a 52-week high of $28.92. The stock has a market capitalization of $291.91 million, a P/E ratio of -9.57 and a beta of 1.30.

Civeo (NYSE:CVEO) last issued its earnings results on Tuesday, July 29th. The business services provider reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.22). Civeo had a negative return on equity of 12.76% and a negative net margin of 5.25%.The firm had revenue of $162.69 million during the quarter, compared to analyst estimates of $166.38 million. During the same quarter in the previous year, the business posted $0.57 EPS. Civeo has set its FY 2025 guidance at EPS. On average, analysts anticipate that Civeo Corporation will post -0.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded Civeo from a “hold” rating to a “sell” rating in a research report on Saturday, June 14th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Civeo has an average rating of “Buy” and a consensus price target of $27.00.

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.