Mitcham Stock Hits New 52-Week High (MIND)

NEW YORK ( TheStreet) -- Mitcham Industries (Nasdaq: MIND) hit a new 52-week high Tuesday as it is currently trading at $24.47, above its previous 52-week high of $24.26 with 21,544 shares traded as of 9:35 a.m. ET. Average volume has been 178,300 shares over the past 30 days.

Mitcham has a market cap of $285.6 million and is part of the services sector and diversified services industry. Shares are up 5.3% year to date as of the close of trading on Monday.

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 16.7, equal to the average diversified services industry P/E ratio 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 solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and largely solid financial position with reasonable debt levels by most measures. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results. You can view the full Mitcham Ratings Report.

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