Capital One Southcoast Downgrades Geokinetics (GOK) to Neutral
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Capital One Southcoast downgrades Geokinetics (NYSE Amex: GOK) to Neutral. price target increased by $1 to $19.
Capital One analyst says, "GOK has had a nice run since our May upgrade, and now we feel the stock needs some additional contract wins to keep it moving...GOK did well through 2Q earnings as it accelerated work into the quarter as a result of having available crews and permitted/contracted jobs. However, as a result the backlog continues to be worked off. Backlog at YE was $548MM; it fell to $416MM by end of 1Q and down to $318MM by end of 2Q. We believe there are a number of large international shallow water, onshore, and OBC jobs out there, but for various reasons these potential jobs continued to be deferred. With our international acquisition revenue estimate at $87MM for the Q and NAM at $18MM, it is possible that the backlog could fall to mid $250MM, causing us some concern on our current '10 estimate of $567MM of acquisition revenue. We believe it will take a couple of high-profile international acquisition awards to get the stock moving again."
To see more analyst ratings on GOK Click Here.
Geokinetics Inc., together with its subsidiaries, provides seismic data acquisition, and seismic data processing and interpretation services to the oil and natural gas industry.
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