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 New York Stock Exchange under the trading symbol “CVEO”.
Holders of Record
As of February 23, 2024, there were 21 holders of record of Civeo common shares.
Dividend Information
We intend to pay regular quarterly dividends on our common shares, with all future dividend payments subject to quarterly review and approval by our Board. The declaration and amount of all potential future dividends will be at the discretion of our Board 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 deems relevant. In addition, our ability to pay cash dividends on common shares is limited by covenants in the Credit Agreement. Future agreements may also limit our ability to pay dividends, and we may incur incremental taxes if we are required to repatriate foreign earnings to pay such dividends. The amount per share of our dividend payments may be changed, or dividends may be suspended, without advance notice. The likelihood that dividends will be reduced or suspended is increased during periods of market weakness. There can be no assurance that we will continue to pay a dividend in the future.
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 peer group, for the period from December 31, 2018 to December 31, 2023. The graph and chart show the value, at the dates indicated, of $100 invested at December 31, 2018 and assume the reinvestment of all dividends, as applicable.
Our peer group consists of the following:
Badger Daylighting Ltd. Nine Energy Service, Inc.
Black Diamond Group Limited North American Construction Group
Dexterra Group Oil States International, Inc.
Enerflex Ltd. Precision Drilling Corporation
Forum Energy Technologies, Inc. Select Energy Services Inc.
Matrix Service Company Target Hospitality Corp.
McGrath RentCorp
Tetra Technologies, Inc.
Newpark Resources, Inc. Total Energy Services Inc.
Note: The current peer group remain unchanged for 2023 with the exception of the removal of Exterran Corporation, as they were acquired by Enerflex Ltd.
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12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23
Civeo Corporation $ 100.00 $ 90.21 $ 81.00 $ 111.71 $ 181.24 $ 136.22
S&P 500 $ 100.00 $ 131.49 $ 155.68 $ 200.37 $ 164.08 $ 207.21
PHLX Oil Service Sector $ 100.00 $ 99.45 $ 57.60 $ 69.55 $ 112.31 $ 114.47
Peer Group $ 100.00 $ 117.51 $ 104.04 $ 140.90 $ 156.26 $ 168.01
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 Registered 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, 2023.
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 be purchased under the plans or programs
October 1, 2023 - October 31, 2023 99,521 $ 19.84 99,521 600,769
November 1, 2023 - November 30, 2023 12,900 $ 19.71 12,900 587,869
December 1, 2023 - December 31, 2023 8,332 $ 21.50 8,332 579,537
Total 120,753 $ 19.94 120,753 579,537
(1) In August 2023, our Board authorized a common share repurchase program to repurchase up to 5.0% of our total common shares which were issued and outstanding at the time of approval, or 742,134 common shares, over a twelve month period. We repurchased an aggregate of 120,753 of our common shares outstanding for approximately $2.4 million during the three months ended December 31, 2023.
ITEM 6. Reserved
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