[19 July 2024]
Today, Friday 19 July 2024, StockCharts365.com has taken a closer look at TGS ASA (ticker on the Oslo Stock Exchange: TGS).
TGS ASA was recently merged with the former PGS ASA (Petroleum Geo Services).
What does the technical picture for the 'new' TGS indicate now?
StockCharts365.com sees a potential for the TGS share up to around NOK 180.00 - 200.00.
New important technical signals may be given for the share in the near future.
Read more about this below here under the technical analysis of TGS ASA (ticker on the Oslo Stock Exchange: TGS) here today at StockCharts365.com.
First a little about the company, TGS ASA (ticker on the Oslo Stock Exchange: TGS)
Delivering High-Quality Data and Insights to Power the Future of Energy
Across the energy mix, we engage our core geoscience expertise to create subsurface insights that empower the energy industry to make the best data-driven decisions
We employ nearly 1,000 employees, with our corporate headquarters in Oslo, Norway, and our operational headquarters in Houston, Texas, U.S.A. Our other main offices are in the UK, Brazil and Perth, with additional employees located in other cities around the globe. Our stock is traded on the Oslo Stock Exchange and is part of the OBX Index of the 25 most liquid shares on the exchange.
Our primary business provides energy data and intelligence to companies and investors across energy markets. We offer the world’s largest global energy data library, including seismic data, magnetic and gravity data, multi-beam and coring, digital well log and production data, wind energy data, data to identify CCS opportunities, and other types of renewable data. And, with the recent acquisition of Magseis Fairfield, we are now also the world’s leading OBN provider. In addition, we also offer specialized services such as advanced processing and analytics, data management and cloud-based data applications and solutions.
For more information about the company, visit their website here:
TGS: PGS MERGER IS COMPLETED, WILL HAVE CAPITAL MARKET DAY AUGUST 29
2 July 06:18 ∙ TDN Finance
Oslo (Infront TDN Direkt): TGS and PGS indicate that the merger between the companies has now been formally completed.
This appears from a message on Monday 02 July 2024.
The TGS management will present more information about the vision for the new company at a capital market day, to be held in Oslo on 29 August 2024.
TGS: WELL ON ROUTE TO DELIVER ANNUAL SYNERGIES AFTER THE MERGER WITH PGS
Thursday 18 July 2024 at 07:19 ∙ TDN Finance
Oslo (Infront TDN Direkt): TGS is well on track to deliver annual synergies after the merger with PGS of 100 million dollars.
This appears from the company's quarterly report on Thursday.
-By completing the merger with PGS on 1 July, TGS is perfectly positioned to support our customers' exploration ambitions and take advantage of what we believe will be a multi-year upswing cycle, says CEO Kristian Johansen of TGS.
He adds that without any special sales events in the second quarter of 2024, such as license rounds and transfer fees, he is satisfied with the development in the quarter.
TGS: POC EBITDA USD 121M IN Q2 2024 (EXPECTED 127), DIVIDEND USD 0.14/SHARE
Thursday 18 July 2024 at 07:08 ∙ TDN Finance
Oslo (Infront TDN Direkt): TGS had a POC ebitda of 121 million dollars in the second quarter of 2024, compared to 132 million dollars in the same period the previous year, according to the company's quarterly report on Thursday.
POC revenue was $215 million in the second quarter, which is in line with what the company stated in an update earlier in July. The operating result was 28 million dollars (39).
The company's POC order backlog was $611 million at the end of Q2 2024, while order intake was $368 million.
POC (Percentage-of-Completion) accounting is based on revenue measured using the percentage-of-completion method on early sales and accelerated amortization.
Technical Analysis of TGS ASA (ticker on Oslo Stock Exchange: TGS)
Charts are from the technical analysis program Vikingen.
Technical Analysis of TGS ASA (ticker on Oslo Stock Exchange: TGS):
The TGS share has triggered several positive technical signals recently.
The share has broken out of a long-term falling trend, and has established a new and rising trend.
A further price rise is signaled for the share in the medium term, and within this new and rising trend that the share has now established.
The share is consolidating in the short picture, and is now testing an important technical resistance level around NOK 138.00.
Based on the overall positive technical picture for the share, StockCharts365.com considers that there may soon be an established break above this now important technical resistance level.
This will then trigger a strong technical buy signal for the TGS share.
The potential that indicates for the share, and according to the new and rising trend for the share, is up to between NOK 180.00 - 200.00 in the 6-12 month term.
The share has recently broken above both the 50-day and 200-day moving averages, and there will now be considerable technical support for the share down towards these levels (around NOK 125.00) in the event of a possible downward correction for the share.
StockCharts365.com's own analysis models, 'The SignalList' and 'The TradingList', are both in a buy signal for the TGS share.
So based on today's overall positive technical picture for the stock, StockCharts365.com considers the stock an interesting buy candidate at today's price level.
The potential for the share is thus assessed to be up to NOK 180.00 - 200.00 in the 6-12 month term, while a stop-loss can, for example, set a possible break below the 50-day and 200-day moving average (which today is around the NOK 125.00 level).
NB! Remember to have read and understood the disclaimer.
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