Civeo (CVEO) shares rallied 11% in the last trading session to close at $26.48. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.1% loss over the past four weeks.
Shares of Civeo appreciated after Conversant Capital LLC announced the purchase of nearly 958,000 Civeo common shares from entities affiliated with Lance Torgerson under a stock purchase agreement.
This provider of remote-site workforce housing is expected to post quarterly loss of $0.31 per share in its upcoming report, which represents a year-over-year change of +55.7%. Revenues are expected to be $142.25 million, up 13.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Civeo, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CVEO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Civeo belongs to the Zacks Hotels and Motels industry. Another stock from the same industry, Choice Hotels (CHH), closed the last trading session 0.8% lower at $135.93. Over the past month, CHH has returned 1.4%.
Choice Hotels' consensus EPS estimate for the upcoming report has changed +1.3% over the past month to $0.93. Compared to the company's year-ago EPS, this represents a change of +63.2%. Choice Hotels currently boasts a Zacks Rank of #3 (Hold).
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Civeo Corporation (CVEO): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
