PGS Jumps More Than 5% After Q2 Revenues Surprise Investors

• (PLX AI) - PGS shares opened more than 5% higher after second-quarter revenues came in significantly higher than consensus.
• • Segment revenues of $152 million beat estimates of $139 million
• • The main reason for the beat was strong multi-client late sales, which came in at $66 million, nearly double the $35.5 million from the same period a year ago
• • PGS probably was free cash flow positive in Q2, but this will not be enough to handle 2022 debt maturities, SEB analysts said, reiterating their sell rating and NOK 1 price target