Zacks Investment Research Downgrades Geospace Technologies Corp. (GEOS) to Hold
Geospace Technologies Corp. (NASDAQ:GEOS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Geospace Technologies Corporation is engaged in the designing and manufacturing of scientific instrumentation and equipment used in the acquisition and processing of seismic data, as well as in the characterization and monitoring of producing oil and gas reservoirs. The Company also manufactures and distributes thermal imaging equipment and dry thermal film products. Geospace’s seismic products consist of land and marine nodal seismic data acquisition systems; multi-component geophones and hydrophones; seismic leader wires; geophone string and acquisition system connectors; seismic telemetry cables; marine seismic cable retrieval and steering devices; and data acquisition systems. It also designs and manufactures non-seismic products, including industrial products, offshore cables, thermal printing equipment and film. Geospace Technologies Corporation, formerly known as OYO Geospace Corporation, is headquartered in Houston, Texas. “
Shares of Geospace Technologies Corp. (NASDAQ:GEOS) traded up 0.34% during mid-day trading on Tuesday, hitting $17.46. 41,354 shares of the stock were exchanged. The company’s market cap is $232.71 million. Geospace Technologies Corp. has a 52-week low of $7.62 and a 52-week high of $20.62. The stock’s 50-day moving average price is $18.26 and its 200-day moving average price is $16.99.
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Geospace Technologies Corp. (NASDAQ:GEOS) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by $0.32. Geospace Technologies Corp. had a negative return on equity of 16.59% and a negative net margin of 76.29%. The firm earned $17.70 million during the quarter, compared to analysts’ expectations of $15.05 million. During the same period in the previous year, the firm earned ($0.66) EPS. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. Equities research analysts anticipate that Geospace Technologies Corp. will post ($2.41) earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in the company. Paloma Partners Management Co bought a new stake in Geospace Technologies Corp. during the second quarter valued at $172,000. Metropolitan Life Insurance Co. NY bought a new stake in Geospace Technologies Corp. during the second quarter valued at $202,000. Virginia Retirement Systems ET AL bought a new stake in Geospace Technologies Corp. during the second quarter valued at $252,000. Brandes Investment Partners LP bought a new stake in Geospace Technologies Corp. during the second quarter valued at $269,000. Finally, New York State Teachers Retirement System increased its stake in Geospace Technologies Corp. by 0.6% in the second quarter. New York State Teachers Retirement System now owns 16,952 shares of the company’s stock valued at $278,000 after buying an additional 100 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors.
Geospace Technologies Corp. Company Profile
Geospace Technologies Corporation designs and manufactures instruments and equipment used in the oil and gas industry to acquire seismic data in order to locate, characterize and monitor hydrocarbon producing reservoirs. The Company operates in two segments: Seismic and Non-Seismic. Its seismic product lines consist of land and marine nodal data acquisition systems, permanent land and seabed reservoir monitoring products and services, geophones and geophone strings, hydrophones, leader wire, connectors, telemetry cables, marine streamer retrieval and steering devices, and various other products.
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