Huston Chronicle – The activist hedge fund that first pushed for the spinoff of oil field lodgings provider Civeo Corp. has jettisoned its entire $51 million stake in the company after Civeo’s gloomy prediction of fewer inhabitants in the oil patch this year.
Jana Partners, according to regulatory filings, sold 12 million shares Tuesday after Houston-based Civeo said it would have to dramatically cut 2015 spending, shutter some sites and slash its North American workforce. It said it sees far fewer oil workers returning to well sites in 2015 amid sunken crude prices.
