Global Hunter Securities Downgrades Geokinetics Inc. (GOK) to Accumulate; Rough Quarter, Poor Guidance

Global Hunter Securities downgraded Geokinetics Inc. (NYSE: GOK) from Buy to Accumulate. PT lowered from $12 to $10

Global analyst says, "GOK reported a headline loss of $2.15 and an adjusted loss of $1.72 after backing out several non-recurring items, in our view, vs. our estimate of a loss of $0.63. Also negative is that backlog is down 13% sequentially and the company guided towards several issues that are expected to impact earnings in Q1 2011 as well. The headline EPS, while deplorable, is not fully representative of the business results as EBITDA of $23.3 million, while 14% below our forecast, was impacted by several one-time items and was still a very nice move in the right direction. So while we do not recommend putting new money to work in the name, we recommend holding the position through what could be a bad day today and are only downgrading to Accumulate on the results."

For more ratings news on Geokinetics Inc. click here and for the rating history of Geokinetics Inc. click here.

Shares of Geokinetics Inc. closed at $8.97 yesterday.

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