Civeo (CVEO) Stock Recovering Today After Tanking on Weak Outlook

Civeo (CVEO) stock is rallying this morning after the company was slammed yesterday on weak outlook due to declining oil prices.

Author:
Kurumi Fukushima
Publish date:
Dec 31, 2014 10:05 AM EST

Civeo (CVEO) stock is rallying this morning after the company was slammed yesterday on weak outlook due to declining oil prices.

NEW YORK (TheStreet) -- Shares of Civeo (CVEO) - Get Civeo Corporation (Canada) Report are surging, up 5.61% to $4.14 in early market trading on Tuesday, rebounding from yesterday's losses following the company's profit warning and spending cuts due to lower oil prices.

The provider of housing for oil service workers said yesterday that declining oil prices would negatively impact its earnings in 2015 as it also suspended its dividend.

The company added that slowing construction in Canada and Australia would cause its clients to spend less on oil exploration projects, hurting its bottom line.

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