Barry Rosenstein's activist hedge fund firm JANA Partners has filed a Form 4 and 13D with the SEC regarding shares of Civeo (CVEO). Per the filing, JANA Partners no longer owns any CVEO shares.
The Form 4 notes that JANA sold the bulk of its position on December 30th at prices of $4.13 and $4.29. Shares fell over 50% during the month of December.
Per Google Finance, Civeo "operates in active oil, coal, natural gas and iron ore producing regions, including Canada, Australia and the United States. The Company is engaged in providing an integrated service offering to its customers, which include independent oil and natural gas companies, mining companies and oilfield and mining service companies. The Company’s premium accommodations services allow its customers to outsource their accommodations needs to a single supplier, maintaining employee welfare and satisfaction while focusing their investment on their core resource development efforts. In June 2014, Oil States International Inc completed spin-off of the Company."
You can view additional past portfolio activity from JANA Partners here.
Friday, January 2, 2015
JANA Partners Blows Out Of Civeo Position
Friday, October 10, 2014
Einhorn's Greenlight Capital Files 13D on Civeo
David Einhorn's hedge fund firm Greenlight Capital has filed a 13D on shares of Civeo (CVEO). Per the filing, they now own 9.99% of the company with over 10.65 million shares.
This means they've boosted their holdings by over 4.5 million shares since the end of the second quarter. The filing was made due to activity on September 30th but they've continued to buy into October. They've purchased shares in the $12.37 range recently.
Greenlight originally received shares of CVEO in the spin-off from Oil States International (OIS), which they also own.
Einhorn's 13D indicates that they've had conversations with the board and made the following suggestions: the company should take on leverage to make its capital structure more appropriate for a real estate company, the company should aggressively return capital to shareholders via dividends, and the company should replace its CEO.
For more from this hedge fund, check out Einhorn's recent comments at the Great Investors' Best Ideas conference this week.
