HOUSTON & CALGARY, Alberta - Civeo Corporation (NYSE:CVEO), a prominent provider of hospitality services, has announced the appointment of E. Collin Gerry as its new Senior Vice President, Chief Financial Officer (CFO), and Treasurer, effective August 1, 2024. The appointment follows an extensive search and sees Barclay Brewer transition from interim CFO to Vice President, Chief Accounting Officer.
With a history of executive roles at Civeo since May 2014, Gerry brings a wealth of experience to the CFO position. His recent roles include Senior Vice President of Canadian Operations and Vice President of Corporate and Business Development. Before his tenure at Civeo, he specialized in equity research at Raymond James, focusing on energy markets and the oilfield services industry. Gerry is also an alumnus of The University of Texas at Austin, holding a Bachelor of Business Administration degree.
Bradley J. Dodson, President and CEO of Civeo, expressed confidence in Gerry's ability to steer the company's financial strategy, citing his comprehensive leadership experience and familiarity with the company's operations and investor relations. Dodson also acknowledged Brewer's contributions as interim CFO and his ongoing support during the transition period.
Civeo operates 24 lodges and villages across Canada, Australia, and the U.S., offering a suite of hospitality services to the natural resource industries, including lodging, food services, and facility management. The company aims to grow its market presence while emphasizing capital return to shareholders and maintaining financial strength.
This leadership change is part of Civeo's strategy to enhance its hospitality offerings and expand its market position. The information is based on a press release statement from Civeo Corporation.
In other recent news, Civeo Corporation has been the focus of several developments. Analyst firm Stifel recently raised its price target for Civeo to $31, citing the company's consistently strong free cash flow. The firm highlighted Civeo's strategy of returning cash to shareholders through dividends and share buybacks, and indicated an expectation for this approach to continue.
In addition to the Stifel upgrade, Civeo Corporation has also reported its financial results for the first quarter of 2024. Despite mixed results, with growth in its Australian operations and a decline in the Canadian segment, the company maintained its full-year guidance. The Australian segment saw a 43% increase in adjusted EBITDA, driven by contract wins and improved margins.
These recent developments reflect Civeo Corporation's continued commitment to its shareholders and its strategic growth initiatives. The company is actively exploring expansion opportunities in Alberta, Canada, and the Western US, and aims to grow its integrated services business in Australia to AUD 500 million by 2027. Despite facing challenges, Civeo continues to demonstrate resilience and a strong strategic focus.
InvestingPro Insights
As Civeo Corporation (NYSE:CVEO) welcomes E. Collin Gerry as its new Senior Vice President, Chief Financial Officer, and Treasurer, the company's financial outlook remains an essential aspect for investors to consider. With a market capitalization of $355.65 million and a Price to Earnings (P/E) ratio of 11.47, Civeo presents a valuation that suggests a strong free cash flow yield, according to one of the InvestingPro Tips. This indicator is often viewed favorably by investors looking for companies that can generate cash efficiently.
Another InvestingPro Tip highlights that Civeo's net income is expected to drop this year, which may be a point of consideration for Gerry as he steps into his role to navigate the company's financial course. Despite this, analysts predict the company will remain profitable this year, with a track record of profitability over the last twelve months.
InvestingPro Data further shows that Civeo operates with a moderate level of debt and its liquid assets exceed short-term obligations, which may provide some financial flexibility in its operations. Additionally, the company's revenue for the last twelve months as of Q1 2024 stood at $699.33 million, with a gross profit margin of 24.61%.
For investors seeking further insights, there are more InvestingPro Tips available at: https://www.investing.com/pro/CVEO. These tips could offer additional guidance on the company's stock price movements, which have been quite volatile, and other financial metrics. Plus, using coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights.
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