The Dawson Geophysical Co (NASDAQ: DWSN) stock has been one of the major movers in the market today. The company, which is involved in acquiring and processing 3D, 2D, and other forms of seismic data for its customers, has seen its stock soar by as high as 10% this morning.
Dawson Geophysical counts oil and gas companies among its clients. The optimism around the stock this morning has possibly been triggered by a bullish note from Goldman Sachs with regards to oil prices. According to the report from Goldman Sachs, the merchant banker believes that the price of Brent Crude could go up to as huge as $70 a barrel in the second quarter of 2021. The report further stated that the price per barrel could hit $75 in the third quarter.
The latest projections bumped up the price per barrel by $10 in each of the two quarters. If the oil price does rise, then it is likely going to result in more business for Dawson Geophysical and that is possibly the reason behind the rally this morning.
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