Geokinetics, Inc. (GOK) has piqued investors’ attention following its latest earnings report.

Company Description

Geokinetics provides seismic data for the oil and gas industry. The company has a strong footprint in North America, but also targets several international markets.

Crushed Estimates

On May 7 the Houston-based company reported first-quarter results that included earnings of 37 cents per share. This was 26 cents higher that the consensus of 11 cents.

Revenues were $147 million, a 22% improvement over the same period last year.

Investments Paying Off

Geokinetics invested more than $170 million in equipment and can now decrease debt from additional revenue generated by those projects. Projects included increasing the transition zone fleet and Ocean Bottom Cable capacity.

Estimates Spike

Following the previously mentioned report, analysts quickly raised EPS forecasts. The current consensus for full-year 2009 is 33 cents, up from a 2 cent loss 2 months ago. Estimates for 2010 are averaging 34 cents, up from 9 cents.

The company lose 51 cents per share last year, meaning the year-over-year growth rate is 165%.

The Chart

After the latest quarterly release investors have become increasingly interested in shares of GOK. Shares have been surging on heavy volume. Take a look at the chart below.

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