Ion Geophysical (IO) Upgraded to “Hold” at ValuEngine

ValuEngine upgraded shares of Ion Geophysical (NYSE:IO) from a sell rating to a hold rating in a research note issued to investors on Friday.

Shares of Ion Geophysical (NYSE IO) traded up $0.50 on Friday, hitting $18.20. The stock had a trading volume of 156,943 shares, compared to its average volume of 206,936. The firm has a market cap of $210.56, a P/E ratio of -6.07 and a beta of 3.62. Ion Geophysical has a one year low of $3.20 and a one year high of $24.20. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 3.88.

Ion Geophysical (NYSE:IO) last issued its earnings results on Wednesday, November 1st. The oil and gas company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.78. Ion Geophysical had a negative return on equity of 102.40% and a negative net margin of 20.19%. The company had revenue of $61.10 million for the quarter. During the same quarter in the prior year, the company earned ($3.30) EPS.

In other news, COO Christopher Theron Usher acquired 14,850 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were purchased at an average price of $13.50 per share, for a total transaction of $200,475.00. Following the completion of the acquisition, the chief operating officer now owns 137,367 shares of the company’s stock, valued at approximately $1,854,454.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO R Brian Hanson acquired 36,351 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was purchased at an average price of $13.05 per share, for a total transaction of $474,380.55. Following the acquisition, the chief executive officer now directly owns 154,325 shares of the company’s stock, valued at approximately $2,013,941.25. The disclosure for this purchase can be found here. Insiders purchased 70,589 shares of company stock worth $927,869 in the last 90 days. 15.20% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in IO. Acadian Asset Management LLC increased its holdings in Ion Geophysical by 161.2% in the fourth quarter. Acadian Asset Management LLC now owns 61,611 shares of the oil and gas company’s stock worth $1,216,000 after buying an additional 38,019 shares during the last quarter. Alambic Investment Management L.P. acquired a new position in Ion Geophysical during the fourth quarter valued at approximately $622,000. JPMorgan Chase & Co. grew its holdings in Ion Geophysical by 24.0% during the third quarter. JPMorgan Chase & Co. now owns 118,559 shares of the oil and gas company’s stock valued at $1,114,000 after purchasing an additional 22,913 shares during the last quarter. OxFORD Asset Management LLP grew its holdings in Ion Geophysical by 49.6% during the third quarter. OxFORD Asset Management LLP now owns 42,286 shares of the oil and gas company’s stock valued at $400,000 after purchasing an additional 14,021 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Ion Geophysical by 14.1% during the third quarter. Wells Fargo & Company MN now owns 79,995 shares of the oil and gas company’s stock valued at $761,000 after purchasing an additional 9,900 shares during the last quarter. Hedge funds and other institutional investors own 34.44% of the company’s stock.

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Ion Geophysical Company Profile

ION Geophysical Corporation is a technology-focused company. It provides geophysical technology, services and solutions to the global oil and gas industry. Its offerings are designed to enable oil and gas exploration and production (E&P) companies to obtain images of the Earth’s subsurface. It offers services and products through three segments: E&P Technology & Services, E&P Operations Optimization, and Ocean Bottom Services.

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