Civeo Corporation $CVEO Stake Lessened by Renaissance Technologies LLC

Renaissance Technologies LLC cut its stake in Civeo Corporation (NYSE:CVEO) by 4.3% during the 1st quarter, HoldingsChannel reports. The fund owned 501,732 shares of the business services provider’s stock after selling 22,300 shares during the period. Renaissance Technologies LLC’s holdings in Civeo were worth $13,276,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CVEO. Clearstead Advisors LLC grew its holdings in Civeo by 191.8% during the 4th quarter. Clearstead Advisors LLC now owns 1,538 shares of the business services provider’s stock worth $35,000 after acquiring an additional 1,011 shares in the last quarter. State of Wyoming acquired a new stake in shares of Civeo in the 2nd quarter valued at about $66,000. Goldman Sachs Group Inc. acquired a new stake in shares of Civeo in the 1st quarter valued at about $204,000. ExodusPoint Capital Management LP bought a new position in shares of Civeo during the fourth quarter worth about $573,000. Finally, Lido Advisors LLC lifted its position in shares of Civeo by 12.7% during the fourth quarter. Lido Advisors LLC now owns 25,909 shares of the business services provider’s stock worth $596,000 after purchasing an additional 2,916 shares during the last quarter. 81.44% of the stock is currently owned by institutional investors.

Civeo Stock Down 1.8%

Shares of NYSE:CVEO opened at $31.43 on Friday. The company’s fifty day moving average is $33.58 and its two-hundred day moving average is $30.28. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.81 and a current ratio of 1.89. Civeo Corporation has a 1-year low of $19.75 and a 1-year high of $36.50. The stock has a market capitalization of $343.79 million, a price-to-earnings ratio of -26.86 and a beta of 0.73.

Civeo (NYSE:CVEO) last posted its quarterly earnings results on Thursday, July 30th. The business services provider reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.07. Civeo had a negative net margin of 1.93% and a negative return on equity of 7.82%. The business had revenue of $180.02 million during the quarter, compared to analyst estimates of $172.18 million. Equities analysts anticipate that Civeo Corporation will post -1.11 EPS for the current year.

Wall Street Analyst Weigh In

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

Civeo 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.