Ion Geophysical (NYSE:IO) Upgraded by Evercore ISI to Outperform

Ion Geophysical (NYSE:IO) was upgraded by equities researchers at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued to investors on Friday, February 9th, Marketbeat.com reports.

Separately, ValuEngine upgraded Ion Geophysical from a “sell” rating to a “hold” rating in a report on Friday, February 2nd.

Shares of Ion Geophysical (NYSE:IO) opened at $26.80 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 3.79. Ion Geophysical has a 52 week low of $3.20 and a 52 week high of $32.45.

Ion Geophysical (NYSE:IO) last posted its quarterly earnings data on Wednesday, February 7th. The oil and gas company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.43. Ion Geophysical had a negative return on equity of 65.84% and a negative net margin of 15.31%. The business had revenue of $57.90 million for the quarter.

In other Ion Geophysical news, CEO R Brian Hanson acquired 36,351 shares of the company’s stock in a transaction on Thursday, December 14th. The shares were bought at an average cost 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 $2,013,941.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Christopher Theron Usher acquired 14,850 shares of the company’s stock in a transaction on Friday, December 15th. The shares were acquired 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 directly owns 137,367 shares in the company, valued at $1,854,454.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 70,589 shares of company stock worth $927,869. Company insiders own 15.20% of the company’s stock.

A number of hedge funds have recently bought and sold shares of IO. Renaissance Technologies LLC increased its holdings in Ion Geophysical by 103.1% during the 4th quarter. Renaissance Technologies LLC now owns 585,156 shares of the oil and gas company’s stock worth $11,557,000 after purchasing an additional 296,974 shares during the last quarter. Two Sigma Investments LP purchased a new stake in Ion Geophysical during the 4th quarter worth approximately $1,144,000. Deutsche Bank AG increased its holdings in Ion Geophysical by 1,916,800.0% during the 4th quarter. Deutsche Bank AG now owns 57,507 shares of the oil and gas company’s stock worth $1,135,000 after purchasing an additional 57,504 shares during the last quarter. EAM Investors LLC purchased a new stake in Ion Geophysical during the 4th quarter worth approximately $853,000. Finally, Millennium Management LLC purchased a new stake in Ion Geophysical during the 4th quarter worth approximately $808,000. Institutional investors own 34.79% of the company’s stock.

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About Ion Geophysical

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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