A few months ago, I published an article on this site suggesting that shares of the oil services firm, Geospace (NASDAQ:GEOS) were undervalued. At that point, shares had just taken a beating from a lofty valuation in the $100's down to the $60's, and I thought that shares were starting to look attractive relative to a fair value estimate of $75. This had to do with the roll-off of its record-breaking Statoil contract and the revelation that customer Seafloor Geophysical Solutions no longer had the capital to spend on GEOS's seismic sensors. My thesis at that point was that the suspension of the company's pending work with SGS would prove to be a temporary obstacle, and that, eventually,...
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