Civeo Corp (NYSE:CVEO)’s Two Directors Acquire 8,000 Shares Each From Open Market

Boston, MA 10/01/2014 (wallstreetpr) – A fully owned subsidiary of Oil States International, Inc. (OIS), Civeo Corp (NYSE:CVEO)’s two Directors, Mayank Ashar, and Gary Rosenthal, have resorted to acquiring shares from the open market on September 30. This was the first time that an insider was buying the company’s shares in two months. Overall, this was the second instance of insider trading activities in the last three-month period.

Buys Shares

According to a Form 4 filed with the SEC on September 30, Civeo Corp (NYSE:CVEO)’s Director, Ashar, has purchased 8,000 shares at the rate of $12.81 per share on September 30 under his direct holding category, as he belonged to 10% owner category. He has paid $102,480 to buy these shares.

The purchasing price indicated that the Director has paid a premium of 10.4% over the 52-low price of $11.6. However, compared to the one-year high price of $28.4, the acquisition price represented a big discount of close to 55%. As a result of the latest acquisition, his total direct holding increased to 13,421 shares, which were valued $155,818 based on the closing price of $11.61 on September.

Another Director Purchase

Similarly, another Director, Rosenthal, acquired 8,000 shares at the rate of $12.21 a share, another filing with SEC revealed. He also came under the 10% ownership category, and the purchase was reported for his direct holding. As a result, his direct holding increased to 62,919 shares, worth around $730,490 based on Tuesday’s closing value.

The acquisition price suggested that he paid a lower premium of 5.3% over the 52-week low price and also a higher discount of 57% from the one-year high price. However, both of them were sitting with a loss of 9.4% and 4.9% respectively based on Tuesday’s closing price.

Earlier Insider Activities

According to a Nasdaq data, there was only one insider trading activities in the last three-month period before the latest activities. The only one transaction was also reported for acquiring 4,926 shares. Since the share is trading nearer the 52-week low price, there is a less chance of selling and the lower price could induce insiders to take further positions.

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Published by Donna Fago

I believe in writing content Informing investors with the knowledge they need to invest better today- I have been following the markets for many years and was asked to join the team at WallStreetPR.com recently due to my passion for the markets.