UPDATE: Global Hunter Securities Downgrades Geokinetics Inc. (GOK) to Neutral

May 14, 2012 7:24 AM EDT Send to a Friend
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Price: $0.33 --0%

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    0 Buy, 5 Hold, 0 Sell

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    Up: 3 | Down: 4 | New: 7
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(Updated - May 14, 2012 8:56 AM EDT)

Global Hunter Securities downgraded Geokinetics Inc. (NYSE: GOK) from Accumulate to Neutral.

Analyst, Brian Uhlmer, said, "After another disappointing quarter, ending backlog dropping below the anticipated range management had stated it expected it to remain in and guidance for Q2 crew count below our expectations, we are dropping our rating to Neutral and suspending our price target as we believe no reasonable valuation metrics exist for which to base one on. We left the Accumulate rating intact since transferring analyst coverage at the beginning of the year on the basis of a solid backstop investor that would keep the stock from going to zero. We still believe that thesis is valid, however, we feel that a rating that implies that new money should be put to work in the name is not accurately reflecting our view."

"We are lowering our rating to Neutral from Accumulate and are suspending our price target as we believe no reasonable valuation metrics exist for which to base one on. We are revising our 2012 and 2013 estimates to ($5.69) and ($2.35) from ($2.83) and ($0.23), respectively."

For an analyst ratings summary and ratings history on Geokinetics Inc. click here. For more ratings news on Geokinetics Inc. click here.

Shares of Geokinetics Inc. closed at $1.43 yesterday.




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