Announcement • Jul 02
PGS ASA(OB:PGS) dropped from Oslo OBX Total Return Index PGS ASA has been dropped from Oslo OBX TOtal return Index. Announcement • Jun 14
Glazer Capital, LLC acquired an additional 5.387693% stake in PGS ASA (OB:PGS). Glazer Capital, LLC acquired an additional 5.387693% stake in PGS ASA (OB:PGS) on June 11, 2024. Following the acquisition, Glazer Capital, LLC, together with and through its management of its funds and managed accounts, none of which individually exceeds the reporting threshold, controls a total of 53,652,684 shares and votes, corresponding to 5.62% of the votes and shares outstanding.
Glazer Capital, LLC acquired an additional 5.387693% stake in PGS ASA (OB:PGS) on June 11, 2024. Major Estimate Revision • May 22
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from US$0.062 to US$0.05 per share. Revenue forecast steady at US$924.0m. Net income forecast to grow 26% next year vs 81% growth forecast for Energy Services industry in Norway. Consensus price target up from kr9.14 to kr9.53. Share price rose 3.1% to kr8.14 over the past week. New Risk • May 08
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (4.9% increase in shares outstanding). Reported Earnings • May 02
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: US$0.016 loss per share (improved from US$0.055 loss in FY 2022). Revenue: US$721.5m (down 13% from FY 2022). Net loss: US$14.5m (loss narrowed 56% from FY 2022). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 54%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Energy Services industry in Norway. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Apr 10
PGS ASA Provides Earnings Guidance for the First Quarter of 2024 PGS ASA provided earnings guidance for the first quarter of 2024. The company expects to report revenues of approximately $217 million, compared to $143.1 million in first quarter of 2023. Announcement • Apr 03
PGS Commences MultiClient 3D Survey to Unlock Hydrocarbon and Carbon Storage Potential in Penyu Basin, Offshore Peninsular Malaysia PGS together with its joint venture consortium partners, TGS and SLB have successfully commenced a MultiClient 3D seismic project located in the Penyu Basin, offshore Peninsular Malaysia. In partnership with Malaysia Petroleum Management (MPM), PETRONAS, the custodian of petroleum resources in Malaysia, this project aims to provide insights on the exploration opportunities in a broader play fairway and to assess the carbon storage potential across Penyu Basin area. The acquisition of this new seismic data will enable clients to effectively conduct evaluation on the exploration and carbon storage potential for the upcoming Malaysia Bid Round. Reported Earnings • Feb 16
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: US$0.02 loss per share (improved from US$0.055 loss in FY 2022). Revenue: US$721.5m (down 13% from FY 2022). Net loss: US$14.5m (loss narrowed 56% from FY 2022). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 54%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Energy Services industry in Norway. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jan 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to kr6.70. The fair value is estimated to be kr8.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 68%. Announcement • Jan 10
PGS ASA Provides Financial Guidance for the Fourth Quarter of 2023 PGS ASA provided financial guidance for the fourth quarter of 2023. For the period, the company expects to report Revenues and Other Income according to IFRS for Fourth Quarter 2023 of approximately $265 million, compared to $216.7 million in Fourth Quarter 2022. The Company expects Produced Revenues for Fourth Quarter 2023 of approximately $227 million, compared to $250.7 million in Fourth Quarter 2022. Recent Insider Transactions • Dec 12
Independent Director recently sold kr1.1m worth of stock On the 8th of December, Ebrahim Attarzadeh sold around 140k shares on-market at roughly kr8.08 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr1.6m more than they bought in the last 12 months. Reported Earnings • Oct 27
Third quarter 2023 earnings released: US$0.007 loss per share (vs US$0.004 profit in 3Q 2022) Third quarter 2023 results: US$0.007 loss per share (down from US$0.004 profit in 3Q 2022). Revenue: US$157.3m (down 21% from 3Q 2022). Net loss: US$6.80m (down 362% from profit in 3Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Energy Services industry in Norway. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 05
Now 23% undervalued Over the last 90 days, the stock is up 39%. The fair value is estimated to be kr11.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 57%. Recent Insider Transactions • Sep 03
Insider recently sold kr134k worth of stock On the 31st of August, Nathan Oliver sold around 18k shares on-market at roughly kr7.36 per share. This transaction amounted to 55% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr436k more than they bought in the last 12 months. Announcement • Aug 02
PGS, TGS and CGG Introduce New Tiered Offerings for Versal - the World's First MultiClient Data Ecosystem PGS, TGS and CGG announced the launch of new tiered offerings for Versal, the MultiClient data ecosystem. This update gives the entire industry free access to Versal, representing the world's most comprehensive MultiClient data coverage - all in one centralized location. Industry professionals can also benefit from a more personalized solution, with a focus on enhanced accessibility, flexibility and value. The latest updates to the Versal platform are designed to offer even more convenience and scalability for exploration & production, data management and procurement team members through the introduction of Versal Pro and Premium tiers. Versal users now gain unlimited access to the essential data from PGS, TGS and CGG representing the majority of the world's marine MultiClient data available within a single platform. This consolidation eliminates the need to visit multiple vendor websites, streamlining workflows and saving valuable time. The new tiered access model offered by Versal brings unprecedented flexibility to clients. With the free Versal version users can view data coverage, download coverage shape files and import their map layers and shape files. By upgrading to Versal Pro, clients unlock additional benefits, including viewing entitlements, accessing vendor contracts, and downloading acquisition and processing documents. By selecting Versal Premium, clients gain access to enhanced data management capabilities such as seismic visualization and downloading entitled traces. Reported Earnings • Jul 21
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: US$0.01 loss per share (down from US$0.039 profit in 2Q 2022). Revenue: US$156.0m (down 43% from 2Q 2022). Net loss: US$9.30m (down 150% from profit in 2Q 2022). Revenue missed analyst estimates by 21%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Energy Services industry in Norway. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. New Risk • Jul 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Shareholders have been diluted in the past year (39% increase in shares outstanding). Announcement • Jul 12
PGS ASA Provides Financial Guidance for the Second Quarter of 2023 PGS ASA provided financial guidance for the second quarter of 2023. Based on a preliminary review, the company expects to report revenues and other income according to IFRS for second quarter 2023 of approximately $156 million, compared to $273.6 million in second quarter 2022. The company expects produced revenues for second quarter 2023 of approximately $186 million, compared to $209.7 million in second quarter 2022. Announcement • Jun 30
PGS ASA to Report Q2, 2023 Results on Jul 20, 2023 PGS ASA announced that they will report Q2, 2023 results at 7:00 AM, Central European Standard Time on Jul 20, 2023 Breakeven Date Change • May 16
Forecast breakeven date moved forward to 2023 The 6 analysts covering PGS previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of US$63.4m in 2023. Earnings growth of 67% is required to achieve expected profit on schedule. Board Change • May 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Emeliana Rice-Oxley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 28
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: US$0.06 loss per share. Revenue: US$143.1m (up 5.1% from 1Q 2022). Net loss: US$58.8m (loss widened 20% from 1Q 2022). Revenue missed analyst estimates by 22%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Energy Services industry in Norway. Breakeven Date Change • Apr 27 The 5 analysts covering PGS previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of US$87.2m in 2023. Earnings growth of 1.8% is required to achieve expected profit on schedule.
Reported Earnings • Jan 27
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: US$0.06 loss per share (improved from US$0.45 loss in FY 2021). Revenue: US$825.1m (up 18% from FY 2021). Net loss: US$32.8m (loss narrowed 82% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 108%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Energy Services industry in Norway. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Nov 12
PGS ASA to Report Fiscal Year 2022 Results on Mar 29, 2023 PGS ASA announced that they will report fiscal year 2022 results on Mar 29, 2023 Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: US$0.003 (vs US$0.15 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.003 (up from US$0.15 loss in 3Q 2021). Revenue: US$198.5m (up 40% from 3Q 2021). Net income: US$2.60m (up US$63.3m from 3Q 2021). Profit margin: 1.3% (up from net loss in 3Q 2021). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Energy Services industry in Norway. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 22
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: US$0.04 (up from US$0.066 loss in 2Q 2021). Revenue: US$273.6m (up 47% from 2Q 2021). Net income: US$18.7m (up US$44.7m from 2Q 2021). Profit margin: 6.8% (up from net loss in 2Q 2021). Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) missed analyst estimates by 75%. Over the next year, revenue is forecast to grow 6.8%, compared to a 15% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Jul 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -US$0.12 to -US$0.11 per share. Revenue forecast steady at US$721.7m. Energy Services industry in Norway expected to see average net income growth of 86% next year. Consensus price target broadly unchanged at kr6.01. Share price fell 21% to kr6.01 over the past week. Board Change • May 31
High number of new directors Director Ebrahim Attarzadeh was the last director to join the board, commencing their role in 2022. Major Estimate Revision • May 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$652.4m to US$726.8m. EPS estimate reaffirmed at -US$0.13 per share. Energy Services industry in Norway expected to see average net income decline 15% next year. Consensus price target up from kr2.81 to kr4.11. Share price rose 58% to kr5.76 over the past week. Reported Earnings • May 01
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: US$0.12 loss per share (down from US$0.10 loss in 1Q 2021). Revenue: US$136.2m (down 18% from 1Q 2021). Net loss: US$49.2m (loss widened 26% from 1Q 2021). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 68%. Over the next year, revenue is forecast to stay flat compared to a 15% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Apr 29
Forecast to breakeven in 2024 The 5 analysts covering PGS expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 74% per year to 2023. The company is expected to make a profit of US$4.65m in 2024. Average annual earnings growth of 109% is required to achieve expected profit on schedule. Board Change • Apr 27
High number of new directors Director Ebrahim Attarzadeh was the last director to join the board, commencing their role in 2022. Board Change • Apr 02
High number of new directors Director Ebrahim Attarzadeh was the last director to join the board, commencing their role in 2022. Reported Earnings • Mar 18
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: US$0.45 loss per share (up from US$0.84 loss in FY 2020). Revenue: US$697.8m (up 48% from FY 2020). Net loss: US$179.4m (loss narrowed 44% from FY 2020). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 36%. Over the next year, revenue is expected to shrink by 5.2% compared to a 14% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Feb 09
Forecast to breakeven in 2023 The 6 analysts covering PGS expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 72% to 2022. The company is expected to make a profit of US$2.30m in 2023. Average annual earnings growth of 107% is required to achieve expected profit on schedule. Major Estimate Revision • Feb 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -US$0.16 to -US$0.13 per share. Revenue forecast steady at US$661.6m. Energy Services industry in Norway expected to see average net income growth of 17% next year. Consensus price target down from kr5.28 to kr3.38. Share price fell 60% to kr1.73 over the past week. Breakeven Date Change • Jan 30
Forecast to breakeven in 2024 The 4 analysts covering PGS expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 48% per year to 2023. The company is expected to make a profit of US$26.0m in 2024. Average annual earnings growth of 78% is required to achieve expected profit on schedule. Reported Earnings • Jan 28
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: US$0.45 loss per share (up from US$0.84 loss in FY 2020). Revenue: US$703.8m (up 49% from FY 2020). Net loss: US$179.4m (loss narrowed 44% from FY 2020). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 33%. Over the next year, revenue is expected to shrink by 2.8% compared to a 5.9% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 57% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 22
Third quarter 2021 earnings released: US$0.15 loss per share (vs US$0.084 loss in 3Q 2020) The company reported a mediocre third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$141.7m (up 67% from 3Q 2020). Net loss: US$60.7m (loss widened 86% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Jul 29
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 expected loss increased from -US$0.30 to -US$0.35 per share. Revenue forecast unchanged at US$613.7m. Energy Services industry in Norway expected to see average net income decline 53% next year. Consensus price target broadly unchanged at kr7.32. Share price rose 2.2% to kr4.50 over the past week. Reported Earnings • Jul 23
Second quarter 2021 earnings released: US$0.07 loss per share (vs US$0.29 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$185.9m (up 106% from 2Q 2020). Net loss: US$26.0m (loss narrowed 77% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 29
Consensus EPS estimates fall to -US$0.34 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from US$641.7m to US$615.7m. Losses expected to increase from -US$0.30 to -US$0.34. Energy Services industry in Norway expected to see average net income decline 2.3% next year. Consensus price target up from kr5.83 to kr6.04. Share price rose 5.5% to kr5.65 over the past week. Reported Earnings • Apr 25
First quarter 2021 earnings released: US$0.10 loss per share (vs US$0.32 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: US$165.7m (up 29% from 1Q 2020). Net loss: US$39.1m (loss narrowed 67% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Apr 25
Independent Vice Chairperson recently bought kr151k worth of stock On the 23rd of April, Anne Dalane bought around 30k shares on-market at roughly kr5.03 per share. This was the largest purchase by an insider in the last 3 months. This was Anne's only on-market trade for the last 12 months. Major Estimate Revision • Apr 16
Consensus EPS estimates increase to -US$0.30 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from US$586.8m to US$597.9m. EPS estimate increased from -US$0.35 to -US$0.30. Energy Services industry in Norway expected to see average net income growth of 3.0% next year. Consensus price target up from kr3.90 to kr5.87. Share price rose 9.1% to kr6.25 over the past week.