Item 5. Market for Registrant’s Common Equity
ITEM 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Market for Our Common Shares
Our common shares trade on the NYSE under the trading symbol “CVEO”.
Holders of Record
As of February 22, 2022, there were 20 holders of record of Civeo common shares.
Dividend Information
We do not currently pay any cash dividends on our common shares. The declaration and amount of all dividends will be at the discretion of our board of directors and will depend upon many factors, including our financial condition, results of operations, cash flows, prospects, industry conditions, capital requirements of our business, covenants associated with certain debt obligations, legal requirements, regulatory constraints, industry practice and other factors the board of directors deems relevant. We can give no assurances that we will pay a dividend in the future.
The preferred shares we issued in the Noralta Acquisition are entitled to receive a 2% annual dividend on the liquidation preference (initially $10,000 per share), paid quarterly in cash or, at our option, by increasing the preferred shares’ liquidation preference, or any combination thereof. Quarterly dividends have been paid in-kind for each quarterly period beginning June 30, 2018 through December 31, 2021, thereby increasing the liquidation preference to $10,776 per share as of December 31, 2021. We currently expect to pay dividends on the preferred shares through an increase in liquidation preference rather than cash until they mandatorily convert to Civeo common shares in April 2023. For further information, see Note 16 - Preferred Shares to the notes to the consolidated financial statements included in Item 8 of this annual report.
Performance Graph
The share price performance shown on the graph is not necessarily indicative of future price performance. Information used in the graph was obtained from Research Data Group, Inc., a source believed to be reliable, but we are not responsible for any errors or omissions in such information.
The following performance graph and chart compare the cumulative total return to holders of our common shares with the cumulative total returns of the Standard & Poor's 500 Stock Index, Philadelphia OSX and with that of our current and prior peer groups, for the period from December 31, 2016 to December 31, 2021. The graph and chart show the value, at the dates indicated, of $100 invested at December 31, 2016 and assume the reinvestment of all dividends, as applicable.
In 2021, we revised our peer group to ensure the companies continue to provide appropriate comparability to us. Our current peer group consists of the following:
Badger Daylighting Ltd. (1)
Nine Energy Service, Inc.
Black Diamond Group Limited North American Construction Group (1)
Dexterra Group Oil States International, Inc.
Enerflex Ltd. (1)
Precision Drilling Corporation
Exterran Corporation Select Energy Services Inc.
Forum Energy Technologies, Inc. Target Hospitality Corp. (1)
Matrix Service Company Tetra Technologies, Inc.
McGrath RentCorp (1)
Total Energy Services Inc.
Newpark Resources, Inc.
(1) Additions to peer group for 2021.
Our current peer group when compared to our prior peer group excludes Basic Energy Services, Inc., Quintana Energy Services Inc., Source Energy Services Ltd. and Step Energy Services Ltd.
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12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21
Civeo Corporation $ 100.00 $ 124.09 $ 65.00 $ 58.64 $ 52.65 $ 72.61
S&P 500 $ 100.00 $ 121.83 $ 116.49 $ 153.17 $ 181.35 $ 233.41
PHLX Oil Service Sector $ 100.00 $ 82.80 $ 45.36 $ 45.11 $ 26.13 $ 31.55
Prior Peer Group $ 100.00 $ 84.90 $ 51.14 $ 57.10 $ 51.53 $ 74.06
Current Peer Group $ 100.00 $ 90.26 $ 67.61 $ 76.84 $ 67.56 $ 91.01
The performance graph above is furnished and not filed for purposes of the Securities Act and the Exchange Act. The performance graph is not soliciting material subject to Regulation 14A.
Unregistered Sales of Equity Securities and Use of Proceeds
None.
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Repurchases of Equity Securities by Registrant or its Affiliates in the Fourth Quarter
The following table provides information about purchases of our common shares during the three months ended December 31, 2021.
Total Number of Shares Purchased (1)
Average Price Paid per Share Total number of shares purchased as part of publicly announced plans or programs Maximum number of shares that may yet be purchased under the plans or programs
October 1, 2021 - October 31, 2021 60,026 $ 22.16 60,026 635,683
November 1, 2021 - November 30, 2021 47,430 $ 21.49 47,430 588,253
December 1, 2021 - December 31, 2021 89,618 $ 20.64 89,618 498,635
Total 197,074 $ 21.30 197,074 498,635
(1) In August 2021, our Board of Directors authorized a common share repurchase program to repurchase up to 5.0% of our total common shares which are issued and outstanding, or 715,814 common shares, over a twelve-month period. We repurchased an aggregate of 197,074 of our common shares outstanding for approximately $4.2 million during the three months ended December 31, 2021.
ITEM 6. Reserved
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.