Mitcham Stock Hits New 52-Week High (MIND)

NEW YORK ( TheStreet) -- Mitcham Industries (Nasdaq: MIND) hit a new 52-week high Wednesday as it is currently trading at $25, above its previous 52-week high of $24.86 with 183,624 shares traded as of 10:09 a.m. ET. Average volume has been 207,900 shares over the past 30 days.

Mitcham has a market cap of $290.7 million and is part of the services sector and diversified services industry. Shares are up 12.7% 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 16.5, below the average diversified services industry P/E ratio of 17 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 robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. 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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