Civeo (NYSE:CVEO) Releases Quarterly Earnings Results, Beats Expectations By $0.77 EPS

Civeo (NYSE:CVEO) announced its quarterly earnings results on Thursday. The business services provider reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.77, Zacks reports. Civeo had a negative net margin of 1.93% and a negative return on equity of 7.82%. The business had revenue of $193.10 million during the quarter, compared to analyst estimates of $174.05 million.

Civeo Trading Up 8.3%

Shares of Civeo stock traded up $2.54 on Friday, hitting $33.09. 633,621 shares of the company traded hands, compared to its average volume of 102,961. Civeo has a 52 week low of $20.59 and a 52 week high of $38.06. The company has a market cap of $342.10 million, a PE ratio of -28.31 and a beta of 0.71. The stock’s 50 day moving average price is $32.25 and its 200-day moving average price is $30.93. The company has a current ratio of 1.89, a quick ratio of 1.81 and a debt-to-equity ratio of 1.31.

Analyst Upgrades and Downgrades

CVEO has been the subject of a number of research reports. Northland Securities assumed coverage on shares of Civeo in a research report on Thursday, October 1st. They set an “outperform” rating and a $42.00 target price for the company. Weiss Ratings upgraded Civeo from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday, August 31st. Roth Capital assumed coverage on shares of Civeo in a research note on Thursday, October 1st. They issued a “buy” rating and a $39.00 price target for the company. Finally, Raymond James Financial lowered shares of Civeo from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 1st. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Civeo has a consensus rating of “Moderate Buy” and a consensus target price of $42.25.

Civeo Company Profile

Civeo Corporation is a provider of workforce accommodations and related services for the natural resources and other industries that operate in remote locations. The company develops, owns and operates workforce villages, lodges and other lodging facilities designed to house employees and contractors near work sites.

Civeo’s services include room accommodations, food services, housekeeping, facility management, logistics and transportation support. Its facilities are used by customers in sectors such as oil and gas, mining, and infrastructure development, where temporary or long-term workforce housing is needed.

Headquartered in Houston, Texas, Civeo serves customers primarily in Canada, Australia and the United States.