Civeo price target lowered to $31 from $37 at Stifel

Stifel lowered the firm’s price target on Civeo to $31 from $37 and keeps a Buy rating on the shares. The company’s Q1 EBITDA that was close to the firm’s forecast and Civeo maintained its full-year EBITDA and free cash flow guidance, notes the firm. Stifel believes the company will continue to deliver strong free cash flow and return cash to shareholders through buybacks, but adds that headwinds from the end of Coastal Gas Link pipeline work and a one-time lodge mobilization in Canada are creating about a $20M EBITDA headwind in 2024 versus 2023.