Petroleum Geo-Services (Hold, TP: NOK19.00) - Swing and a miss
While PGS maintains the view the full year is intact, we saw no evidence of this in the Q1 preliminary results, with late-sales down 28% YOY, weak pre-funding at 50%, and contract dayrates 7% below 2018 averages, and we continue to see high earnings risk. However, we find the shares fairly valued in a recovery scenario, and reiterate our HOLD and NOK19 target price.Petroleum Geo-Services is engaged in providing geophysical services and oil and gas production services. As of Dec. 31, 2001, Co. operated six Ramform design vessels in its marine seismic data acquisition operations.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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