Civeo Corp Cda Stock Price, News & Analysis

Civeo Corporation (NYSE:CVEO) has announced the purchase of approximately 958,000 common shares from affiliates of Lance Torgerson by Conversant Capital LLC. Following this transaction, Torgerson retains around 750,000 shares, which are currently in escrow. Both Civeo and Conversant have rights of first refusal for additional shares that Torgerson may sell. Conversant expressed confidence in Civeo's capital allocation and potential for significant free cash flow amidst strong demand in the hospitality sector serving natural resources.

Civeo Corporation reported strong Q4 2021 results with revenues of $159.8 million, net income of $9.8 million, and operating cash flow of $25.3 million. The company achieved an Adjusted EBITDA of $34.5 million and free cash flow of $26.1 million. For the full year, revenues reached $594.5 million and a slight net loss of $0.6 million. Civeo reduced its net leverage ratio to 1.49x and implemented a share repurchase program. Despite challenges from the pandemic, the company’s diversified revenue streams and debt reduction strategies positioned it for growth.

Civeo Corporation (NYSE:CVEO) has scheduled its fourth quarter and full year 2021 earnings conference call for February 28, 2022, at 10:00 a.m. CT. The financial and operating results will be released prior to market opening on the same day. The call can be accessed via phone or webcast; dialing details and a replay option are provided. Civeo, a key player in hospitality services, operates 27 lodges and villages across Canada, Australia, and the U.S., offering accommodations and related services to resource sector workers.

Civeo Corporation (NYSE: CVEO) reported third quarter 2021 results with revenues of $155.1 million and net income of $0.1 million. The company achieved an operating cash flow of $33.9 million and Adjusted EBITDA of $26.2 million. Notably, it reduced net leverage to 1.86x and completed a refinancing of its credit agreement, extending debt maturity to September 2025. Civeo’s Board approved a share repurchase program for 5% of outstanding shares. Compared to Q3 2020, revenues increased due to higher demand in oil sands lodges, although Adjusted EBITDA decreased due to prior year’s income from the CEWS program.

Civeo Corporation (NYSE:CVEO) has scheduled its third quarter 2021 earnings conference call for October 28, 2021, at 10:00 a.m. Central Time. The financial and operating results for the quarter will be released prior to market opening on the same day. Investors can join the call by phone or via webcast, with a replay available until November 4th. Civeo is a leading provider of hospitality services, operating 28 lodges across Canada, Australia, and the U.S. with approximately 30,000 rooms.

Civeo Corporation (NYSE:CVEO) has completed a refinancing of its credit agreement, significantly reducing its Canadian term loan from C$216 million to C$100 million. This new agreement, which matures on September 8, 2025, comprises a Canadian term loan and three revolving credit facilities. It increases the total revolving commitment to US$200 million and adjusts the maximum leverage ratios, which will decrease over the next two years. Civeo aims to use this structure for enhanced free cash flow and debt reduction while exploring growth opportunities.

Civeo Corporation (NYSE:CVEO) has authorized a share repurchase program for up to 715,000 common shares, representing 5% of its outstanding shares. This initiative will be funded through cash on hand and operational cash flow. CEO Bradley J. Dodson expressed confidence in the company's future, citing this buyback as an opportunity to enhance shareholder value while maintaining a focus on debt reduction. The program aligns with Canadian securities regulations and reflects the board's commitment to returning capital to shareholders.

Civeo Corporation (NYSE:CVEO) reported its Q2 2021 financial results, with revenues of $154.2 million and a net loss of $0.5 million. Adjusted EBITDA was $32.2 million, and free cash flow stood at $13.7 million. The company reduced its total debt to $226.8 million from $238.1 million in the previous quarter. The Canadian segment showed significant improvement with revenues of $83.3 million, while the Australian segment faced challenges with a $2.7 million operating loss due to asset impairments. Full-year 2021 guidance remains unchanged for revenues between $555 million and $580 million.

Civeo Corporation (NYSE:CVEO) has announced its second quarter 2021 earnings conference call scheduled for July 30 at 10:00 a.m. CT. The call will discuss the financial results which will be released before the market opens on the same day. Interested participants can join by phone or webcast, with details provided. Civeo, a key player in hospitality for the Canadian oil sands and Australian resource regions, operates 28 lodges providing essential services to workers, supporting around 30,000 rooms. For more, visit www.civeo.com.