Brokerages forecast that Ion Geophysical Corp (NYSE:IO) will post sales of $70.50 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Ion Geophysical’s earnings, with the lowest sales estimate coming in at $65.50 million and the highest estimate coming in at $75.50 million. Ion Geophysical posted sales of $61.10 million in the same quarter last year, which suggests a positive year over year growth rate of 15.4%. The business is expected to report its next quarterly earnings report on Wednesday, November 7th.
According to Zacks, analysts expect that Ion Geophysical will report full year sales of $228.20 million for the current financial year, with estimates ranging from $220.70 million to $235.70 million. For the next year, analysts expect that the business will post sales of $250.80 million per share, with estimates ranging from $234.30 million to $267.30 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Ion Geophysical.
Ion Geophysical (NYSE:IO) last posted its quarterly earnings data on Wednesday, August 1st. The oil and gas company reported ($1.68) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($1.45). The firm had revenue of $24.74 million for the quarter, compared to the consensus estimate of $47.30 million. Ion Geophysical had a negative return on equity of 79.01% and a negative net margin of 22.99%.
Several research firms recently commented on IO. Janney Montgomery Scott began coverage on shares of Ion Geophysical in a research note on Tuesday, May 29th. They set a “buy” rating and a $35.00 target price for the company. Oppenheimer dropped their price objective on shares of Ion Geophysical to $79.00 and set an “outperform” rating for the company in a research note on Friday, August 3rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $57.00.
In other Ion Geophysical news, Director James M. Lapeyre, Jr. acquired 40,000 shares of the company’s stock in a transaction dated Wednesday, August 15th. The stock was bought at an average price of $15.88 per share, for a total transaction of $635,200.00. Following the purchase, the director now owns 172,773 shares in the company, valued at approximately $2,743,635.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO R Brian Hanson sold 97,760 shares of the stock in a transaction on Friday, June 22nd. The shares were sold at an average price of $23.18, for a total transaction of $2,266,076.80. Following the completion of the transaction, the chief executive officer now owns 50,040 shares of the company’s stock, valued at approximately $1,159,927.20. The disclosure for this sale can be found here. Corporate insiders own 15.20% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Bank of Montreal Can bought a new stake in shares of Ion Geophysical in the 2nd quarter worth about $109,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Ion Geophysical in the 1st quarter worth about $207,000. Rhumbline Advisers bought a new stake in shares of Ion Geophysical in the 2nd quarter worth about $256,000. Guggenheim Capital LLC bought a new stake in shares of Ion Geophysical in the 1st quarter worth about $259,000. Finally, A.R.T. Advisors LLC bought a new stake in shares of Ion Geophysical in the 1st quarter worth about $377,000. Institutional investors own 55.85% of the company’s stock.
NYSE:IO traded up $0.05 during trading hours on Friday, hitting $15.06. 4,152 shares of the company traded hands, compared to its average volume of 144,499. The stock has a market cap of $224.75 million, a P/E ratio of -9.35 and a beta of 2.56. Ion Geophysical has a twelve month low of $7.55 and a twelve month high of $32.45. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.04 and a quick ratio of 0.88.
Ion Geophysical Company Profile
ION Geophysical Corporation provides geoscience products, services, and solutions to the oil and gas industry worldwide. It operates through three segments: E&P Technology & Services, E&P Operations Optimization, and Ocean Bottom Services. The E&P Technology & Services segment offers complete seismic data services, including survey design and planning, data acquisition, project management, advanced processing, and imaging services, as well as reservoir characterization and interpretation services.
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