Mad River Investors Reduces Stake in Civeo Co. (NYSE:CVEO)

Mad River Investors trimmed its position in shares of Civeo Co. (NYSE:CVEO) by 2.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 230,258 shares of the business services provider’s stock after selling 5,190 shares during the quarter. Civeo accounts for approximately 3.5% of Mad River Investors’ portfolio, making the stock its 7th largest holding. Mad River Investors’ holdings in Civeo were worth $6,309,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CVEO. Quent Capital LLC bought a new stake in shares of Civeo during the 1st quarter worth $98,000. SG Americas Securities LLC bought a new stake in shares of Civeo in the 2nd quarter worth approximately $128,000. Aristides Capital LLC purchased a new position in Civeo in the second quarter valued at approximately $213,000. Meixler Investment Management Ltd. bought a new position in Civeo during the first quarter valued at $220,000. Finally, Lazard Asset Management LLC increased its position in Civeo by 42.6% in the first quarter. Lazard Asset Management LLC now owns 10,773 shares of the business services provider’s stock worth $289,000 after buying an additional 3,220 shares during the last quarter. Institutional investors own 81.44% of the company’s stock.

Civeo Price Performance

Shares of CVEO traded down $0.21 during trading hours on Wednesday, reaching $27.82. 7,882 shares of the company’s stock traded hands, compared to its average volume of 50,505. The firm’s 50 day simple moving average is $27.69 and its 200-day simple moving average is $25.83. The stock has a market cap of $406.73 million, a PE ratio of 13.28 and a beta of 2.04. The company has a current ratio of 1.55, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. Civeo Co. has a 12 month low of $18.30 and a 12 month high of $28.92.

Civeo (NYSE:CVEO) last issued its quarterly earnings results on Tuesday, July 30th. The business services provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.35. The firm had revenue of $188.71 million during the quarter, compared to analyst estimates of $173.70 million. Civeo had a return on equity of 4.75% and a net margin of 4.95%. During the same quarter in the previous year, the company posted $0.30 earnings per share. Equities analysts expect that Civeo Co. will post -0.3 EPS for the current year.

Civeo Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, August 26th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date was Monday, August 26th. Civeo’s payout ratio is currently 47.39%.

Insider Transactions at Civeo

In other news, SVP Allan Schoening sold 5,000 shares of the firm’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 transaction, the senior vice president now directly owns 16,146 shares of the company’s stock, valued at approximately $444,015. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

Separately, Stifel Nicolaus reaffirmed a “buy” rating and set a $32.00 price target (up previously from $31.00) on shares of Civeo in a research report on Wednesday, July 31st.

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.