CGG Veritas (CGV) Downgraded by Barclays Capital (BCS) to "Equal Weight"
Thursday, July 14, 2021 1:31 PM

Equities research analysts at Barclays Capital (NYSE: BCS) downgraded shares of CGG Veritas (NYSE: CGV) from an "overweight" rating to an "equal weight" rating in a research note to investors on Thursday.

Separately, analysts at Goldman Sachs (NYSE: GS) downgraded shares of CGG Veritas to a "neutral" rating in a research note to investors on Friday, July 1st. Also, analysts at Zacks Investment Research upgraded shares of CGG Veritas from an "underperform" rating to a "neutral" rating in a research note to investors on Wednesday, March 30th.

Shares of CGG Veritas traded down 3.96% during mid-day trading on Friday, hitting $32.73. CGG Veritas has a 52 week low of $16.42 and a 52 week high of $38.12. The stock's 50-day moving average is $35.50 and its 200-day moving average is $33.93. The company has a market cap of $4.961 billion.

CGG Veritas is a manufacturer of geophysical equipment and a provider of a range of services, including seismic data acquisition and related processing and interpretation software to the clients in the oil and gas exploration and production industry. The Company operates in two business segments: Services and Equipment. In January 2009, the Company completed the acquisition of Wavefield. As of December 31, 2009, Sercel Holdings owns 44.56% of Cybernetix’s share capital and 42.98% of its voting rights. As of May 29, 2009, the Company’s share holding in Multifield increased to 37%. As of December 31, 2009, the Company’s interest in the joint venture, Eidesvik Seismic Vessel AS is 49%. As of December 31, 2009, Services segment accounted for 77% of the consolidated revenues. As of December 31, 2009, Equipment segment accounted for 23% of the Company’s consolidated revenues.

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