Civeo (CVEO) Receives a Hold from RBC Capital

RBC Capital analyst Kurt Hallead maintained a Hold rating on Civeo (CVEOResearch Report) on June 1 and set a price target of $0.60. The company’s shares closed last Thursday at $0.58, close to its 52-week low of $0.34.

According to TipRanks.com, Hallead has 0 stars on 0-5 stars ranking scale with an average return of -15.3% and a 27.7% success rate. Hallead covers the Services sector, focusing on stocks such as Independence Contract Drilling, Diamond Offshore Drilling, and Oceaneering International.

Currently, the analyst consensus on Civeo is a Hold with an average price target of $0.60.

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Based on Civeo’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $139 million and GAAP net loss of $146 million. In comparison, last year the company earned revenue of $109 million and had a GAAP net loss of $17.04 million.

Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CVEO in relation to earlier this year.

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Civeo Corp. engages in the provision of workforce accommodations, logistics and facility management services to the natural resource industry. It operates through the following business segments: Canada, Australia, and U.S. The Canada segment provides accommodation services through lodges, open camps and mobile assets, which supports workforces from oil sands and in a variety of oil and natural gas drilling, mining and related natural resource applications, as well as disaster relief efforts. The Australia segment provides accommodations services on a day rate basis to mining and related service companies, such as construction contractors. The U.S. segment provides open camp facilities and highly mobile smaller camps that follow drilling rigs and completion crews as well as accommodation, office and storage modules that are placed on offshore drilling rigs and products platforms. The company was founded in 1977 and is headquartered in Houston, TX.