UPDATE: Wunderlich Securities Initiates Buy on Dawson Geophysical Company on Stable Outlook

Wunderlich Securities initiated its coverage on Dawson Geophysical Company

with a Buy rating and a price target of $30 a share. Wunderlich Securities noted, "With 14 crews currently working, 167,000 recording channels, and nearly 170 vibrator energy source units, we believe Dawson is the premier seismic acquisition company in the industry. Given the increased exploration activity of Dawson's clients (E&P companies), we expect activity to increase for the company through 2013 as the search for oil, predominantly in North America, continues to be robust. As Dawson is able to pick up incremental business, we believe the margin expansion should outpace other service companies." Dawson Geophysical Company closed at $24.31 on Wednesday.