Sidoti Csr Has Negative Outlook for Civeo FY2024 Earnings

Civeo Co. (NYSE:CVEO - Free Report) - Equities researchers at Sidoti Csr reduced their FY2024 earnings per share estimates for Civeo in a research note issued on Thursday, October 31st. Sidoti Csr analyst S. Ferazani now forecasts that the business services provider will post earnings of ($0.58) per share for the year, down from their prior forecast of ($0.36). The consensus estimate for Civeo's current full-year earnings is ($0.36) per share. Sidoti Csr also issued estimates for Civeo's Q4 2024 earnings at ($0.53) EPS, Q1 2025 earnings at ($0.13) EPS, Q2 2025 earnings at $0.50 EPS, Q3 2025 earnings at $0.04 EPS and Q4 2025 earnings at ($0.25) EPS.

A number of other brokerages also recently commented on CVEO. StockNews.com downgraded Civeo from a "strong-buy" rating to a "buy" rating in a research note on Friday. Stifel Nicolaus reaffirmed a "buy" rating and issued a $32.00 price target (up previously from $31.00) on shares of Civeo in a research report on Wednesday, July 31st.

Civeo Stock Down 3.2 %

Shares of CVEO stock traded down $0.82 on Monday, reaching $24.69. 137,410 shares of the company's stock traded hands, compared to its average volume of 51,648. Civeo has a 12-month low of $21.05 and a 12-month high of $28.92. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.46 and a current ratio of 1.36. The company has a market capitalization of $339.98 million, a P/E ratio of 18.22 and a beta of 2.06. The business's 50 day moving average price is $27.65 and its two-hundred day moving average price is $25.87.

Civeo (NYSE:CVEO - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The business services provider reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.38). Civeo had a net margin of 3.00% and a return on equity of 0.11%. The business had revenue of $176.34 million for the quarter, compared to analysts' expectations of $172.59 million. During the same quarter in the prior year, the firm posted $0.61 EPS.

Hedge Funds Weigh In On Civeo

Several large investors have recently made changes to their positions in the business. Hillsdale Investment Management Inc. raised its holdings in Civeo by 2,074.8% in the 1st quarter. Hillsdale Investment Management Inc. now owns 139,189 shares of the business services provider's stock valued at $3,737,000 after acquiring an additional 132,789 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Civeo by 242.5% in the 1st quarter. Acadian Asset Management LLC now owns 143,189 shares of the business services provider's stock valued at $3,837,000 after acquiring an additional 101,378 shares in the last quarter. American Century Companies Inc. raised its holdings in Civeo by 22.4% in the 2nd quarter. American Century Companies Inc. now owns 254,998 shares of the business services provider's stock valued at $6,355,000 after acquiring an additional 46,633 shares in the last quarter. OFI Invest Asset Management acquired a new position in Civeo in the 2nd quarter valued at approximately $930,000. Finally, Dimensional Fund Advisors LP boosted its position in Civeo by 10.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 439,427 shares of the business services provider's stock valued at $10,950,000 after buying an additional 39,987 shares during the last quarter. Institutional investors and hedge funds own 81.44% of the company's stock.

Insiders Place Their Bets

In related news, SVP Allan Schoening sold 5,000 shares of the business's stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $27.50, for a total transaction of $137,500.00. Following the completion of the transaction, the senior vice president now owns 16,146 shares of the company's stock, valued at approximately $444,015. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.30% of the company's stock.

Civeo Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, November 25th will be given a $0.25 dividend. The ex-dividend date is Monday, November 25th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.05%. Civeo's dividend payout ratio is currently 71.43%.

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.