Petroleum Geo-Services (Sell, TP: NOK13.00) - No sign of required improvement
We forecast Q1 sales and EBITDA 5% and 8% above consensus, respectively (results due at 7:00 CET on 26 April), driven by high contract utilisation and a solid pre-funding ratio. As we expect consensus to move slightly higher we consider the Q1 risk neutral. With no sign of market improvements and peak earnings being required to defend the current share price, we keep our SELL and NOK13 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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