Here’s Why Civeo Corporation (CVEO) Share Declined

Horizon Kinetics LLC, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The letter discussed certain business models that can be valuable long-term components of a portfolio. You can check the fund’s top 5 holdings to know more about its best picks for 2023.

Horizon Kinetics highlighted stocks like Civeo Corporation (NYSE:CVEO) in the first quarter 2023 investor letter. Headquartered in Houston, Texas, Civeo Corporation (NYSE:CVEO) is a hospitality service-providing company. to natural resource industry. On May 31, 2023, Civeo Corporation (NYSE:CVEO) stock closed at $19.99 per share. One-month return of Civeo Corporation (NYSE:CVEO) was 2.46%, and its shares lost 33.79% of their value over the last 52 weeks. Civeo Corporation (NYSE:CVEO) has a market capitalization of $300.838 million.

Horizon Kinetics made the following comment about Civeo Corporation (NYSE:CVEO) in its Q1 2023 investor letter:

“Civeo Corporation (NYSE:CVEO): This is the provider of remote-location temporary housing facilities, such as for pipeline construction and mining projects in places like the Australian outback and the Canadian equivalent. The reason for the question, no doubt, is that at the end of February, over the course of two days, the share price dropped from $32 to $22. Naturally, I was asked about it at the time. Unlike the review of AMD or TPL, which took a bit of time, this consumed perhaps a couple of minutes. My internal response, released here is:

Not at my desk right now, but did skim through the earnings release and earnings call transcript, and saw nothing out of the ordinary. Except that 1 million shares traded today, versus typical daily volume of 30,000 shares. 1 million shares are over 7% of the outstanding shares. Adding in yesterday’s 111,000 shares that’s about 9% of the share base. I’d say there’s more information content in that than in the financial results: did some institutional investor or fund finally throw their hands up? Was one fund manager replaced with another? Who knows?…”(Click here to read the full text)

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Civeo Corporation (NYSE:CVEO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Civeo Corporation (NYSE:CVEO) at the end of first quarter 2023 which was 9 in the previous quarter.

We discussed Civeo Corporation (NYSE:CVEO) in another article and shared Black Bear Value Partners’ views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.