NEW YORK ( TheStreet) -- Shares of Mitcham Industries (Nasdaq: MIND) were gapping up Wednesday morning with an open price 15.5% higher than Tuesday's closing price. The stock closed at $16.34 Tuesday and opened today's trading at $18.88.

The average volume for Mitcham has been 109,000 shares per day over the past 30 days. Mitcham has a market cap of $195.1 million and is part of the services sector and diversified services industry. Shares are up 41.1% year to date as of the close of trading on Tuesday.

Mitcham Industries, Inc., through its subsidiaries, engages in the leasing, manufacture, and sale of seismic equipment to the oil and gas industry worldwide. The company operates in two segments, Equipment Leasing and Seamap. The company has a P/E ratio of 17.3, above the average diversified services industry P/E ratio of 16.9 and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Mitcham as a buy. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook. You can view the full Mitcham Ratings Report.

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