Ion Geophysical Corp (IO) Expected to Announce Quarterly Sales of $70.50 Million

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.

Featured Story: Return on Investment (ROI)

Get a free copy of the Zacks research report on Ion Geophysical (IO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Ion Geophysical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ion Geophysical and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply