Civeo Corporation (NYSE:CVEO) Short Interest Up 113.5% in July

Civeo Corporation (NYSE:CVEO) saw a significant increase in short interest during the month of July. As of July 15th, there was short interest totaling 1,015,220 shares, an increase of 113.5% from the June 30th total of 475,530 shares. Approximately 9.9% of the company’s stock are sold short. Based on an average daily volume of 225,657 shares, the short-interest ratio is currently 4.5 days.

Civeo Stock Performance

Shares of CVEO stock traded up $0.13 during trading on Thursday, hitting $32.63. The company’s stock had a trading volume of 249,668 shares, compared to its average volume of 178,028. The company has a current ratio of 1.88, a quick ratio of 1.81 and a debt-to-equity ratio of 1.32. The company has a market cap of $356.94 million, a PE ratio of -27.42 and a beta of 0.73. The business has a fifty day moving average of $33.62 and a 200-day moving average of $30.27. Civeo has a 52 week low of $19.75 and a 52 week high of $36.50.

Civeo (NYSE:CVEO) last issued its quarterly earnings results on Thursday, July 30th. The business services provider reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.07. Civeo had a negative return on equity of 7.72% and a negative net margin of 2.10%.The business had revenue of $180.02 million for the quarter, compared to analyst estimates of $172.18 million. As a group, research analysts anticipate that Civeo will post -1.11 earnings per share for the current year.

Institutional Investors Weigh In On Civeo

A number of hedge funds have recently made changes to their positions in CVEO. Goldman Sachs Group Inc. bought a new position in Civeo during the fourth quarter valued at about $2,290,000. Millennium Management LLC raised its position in Civeo by 217.7% in the third quarter. Millennium Management LLC now owns 128,810 shares of the business services provider’s stock worth $2,963,000 after acquiring an additional 88,267 shares during the period. Blue Owl Capital Holdings LP raised its position in 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 worth $8,474,000 after acquiring an additional 53,119 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Civeo by 38.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 189,057 shares of the business services provider’s stock valued at $4,324,000 after acquiring an additional 52,660 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in Civeo by 104.2% in the first 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 last quarter. 81.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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 given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $37.00.

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.