BUZZ-Civeo Corp: Hits record low on weak forecast, dropped REIT structure plan

Mon Sep 29, 2014 10:01am EDT
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** Workforce accommodation provider's shares almost halve to $13.10, lowest since its spin off from Oil States International in May

** Stock is the biggest loser on the NYSE, nearly 650,000 shares traded by 10 ET, more than triple their 50-day average

** Sees Q4 results sequentially lower than Q3 and gives weaker-than-expected 2014 revenue forecast

** Expects 2015 revenue, margins expected to be materially lower than 2014 due to weak demand, lower rates in Canada

** To not pursue a REIT structure while re-domiciling to Canada

** Susquehanna cut its rating on the stock to "neutral" from "positive" and nearly halved its price target to $16 from $31

** Stock had gained 11.7 pct since its spin off through Friday's close