NEW YORK (TheStreet) -- Shares of Civeo (CVEO) - Get Report are climbing, higher by 2.19% to $4.20 in early market trading Friday, despite reports that activist investor Jana Partners sold its 11.5% stake in the provider of housing for oil service workers, according to CNBC.
In a filing with the SEC, Jana disclosed it sold 12.2 million Civeo shares at prices ranging from $4.05 to $4.30 each on December 30.
The sale came one day after Civeo lowered its 2015 guidance below estimates, suspended its dividend, and announced a cut in spending for 2015 to between $75 million - $85 million, down from its budget of between $260 million - $280 million.
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The oil-field lodgings company added that it slashed its workforce in the U.S. by 45% and in Canada by 30%, in anticipation of weaker occupancy rates at its oil-field camps.