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Civeo (NYSE:CVEO) Corporation's shares tumbled to a 52-week low this week, with the stock price hitting $20.24, marking a significant downturn for the company. According to InvestingPro data, analysts maintain a Strong Buy rating with a $30 price target, suggesting potential upside from current levels. This latest price level reflects a stark contrast to the stock's performance over the past year, with Civeo experiencing a 1-year change of -26.76%. Investors are closely monitoring the stock as it navigates through this challenging period, with the hope for potential recovery or further indicators of the company's long-term financial health. With earnings scheduled in 18 days and InvestingPro's Fair Value analysis suggesting undervaluation, investors seeking deeper insights can access comprehensive valuation metrics and 8 additional ProTips through InvestingPro's detailed research report.
In other recent news, Civeo Corporation reported a challenging fourth quarter for 2024, with revenues of $151 million, missing the forecasted $155.37 million. The company also posted a net loss of $15.1 million, or $1.10 per diluted share. Civeo has initiated a new share repurchase program, authorizing the buyback of up to 10% of its common shares over the next year. Meanwhile, the company is reviewing suggestions from Engine Capital LP, a shareholder holding approximately 9.8% of its shares, which include strategies like eliminating dividends and aggressively repurchasing shares to enhance shareholder value. Engine Capital also suggested that Civeo's market valuation is significantly undervalued, trading at roughly 3.6 times its projected 2025 EBITDA. Civeo is restructuring its Canadian operations to cut overhead costs by 25% due to declining revenues in the region. The company has set its 2025 revenue guidance between $630 million and $660 million, with an adjusted EBITDA target of $80 million to $90 million.
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