Geospace Technologies (NASDAQ:GEOS) Posts Earnings Results

Geospace Technologies (NASDAQ:GEOS) announced its earnings results on Thursday. The oil and gas company reported ($0.71) EPS for the quarter, Zacks reports. Geospace Technologies had a positive return on equity of 2.77% and a negative net margin of 11.70%.

Geospace Technologies Stock Down 8.6%

Shares of NASDAQ GEOS traded down $1.63 during mid-day trading on Thursday, reaching $17.28. 333,646 shares of the company were exchanged, compared to its average volume of 163,632. The stock has a market capitalization of $221.55 million, a P/E ratio of -16.30 and a beta of 0.62. The company’s 50-day simple moving average is $22.61 and its 200-day simple moving average is $15.85. Geospace Technologies has a twelve month low of $5.51 and a twelve month high of $29.89.

Hedge Funds Weigh In On Geospace Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in Geospace Technologies during the 2nd quarter worth approximately $51,000. BNP Paribas Financial Markets boosted its holdings in Geospace Technologies by 670.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,453 shares of the oil and gas company’s stock valued at $65,000 after purchasing an additional 3,005 shares during the period. Bank of America Corp DE grew its position in shares of Geospace Technologies by 68.4% during the 2nd quarter. Bank of America Corp DE now owns 13,043 shares of the oil and gas company’s stock worth $186,000 after purchasing an additional 5,299 shares in the last quarter. Brevan Howard Capital Management LP bought a new position in shares of Geospace Technologies during the second quarter worth approximately $306,000. Finally, Empowered Funds LLC increased its holdings in shares of Geospace Technologies by 8.2% during the first quarter. Empowered Funds LLC now owns 52,207 shares of the oil and gas company’s stock worth $376,000 after purchasing an additional 3,969 shares during the period. Institutional investors and hedge funds own 57.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GEOS shares. Wall Street Zen upgraded Geospace Technologies from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Weiss Ratings restated a “sell (d+)” rating on shares of Geospace Technologies in a research note on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

About Geospace Technologies

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 through three segments: Oil and Gas Markets, Adjacent Markets, and Emerging Markets.