Schwab Charles Investment Management Inc. acquired a new position in shares of Ion Geophysical Corp (NYSE:IO) during the 2nd quarter, Holdings Channel reports. The fund acquired 22,590 shares of the oil and gas company’s stock, valued at approximately $549,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of IO. Strs Ohio bought a new position in shares of Ion Geophysical during the second quarter valued at approximately $413,000. Guggenheim Capital LLC bought a new position in shares of Ion Geophysical during the first quarter valued at approximately $259,000. Bank of Montreal Can bought a new position in shares of Ion Geophysical during the second quarter valued at approximately $109,000. Millennium Management LLC grew its stake in shares of Ion Geophysical by 656.2% during the first quarter. Millennium Management LLC now owns 309,236 shares of the oil and gas company’s stock valued at $8,380,000 after buying an additional 268,342 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Ion Geophysical during the first quarter valued at approximately $207,000. 55.85% of the stock is currently owned by institutional investors.
In other news, Director James M. Lapeyre, Jr. acquired 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The shares were bought at an average price of $15.88 per share, with a total value of $635,200.00. Following the completion of the purchase, the director now directly owns 172,773 shares in the company, valued at $2,743,635.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 15.20% of the company’s stock.
Separately, Oppenheimer cut their target price on Ion Geophysical to $79.00 and set an “outperform” rating on the stock in a research note on Friday, August 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Ion Geophysical presently has a consensus rating of “Buy” and an average target price of $57.00.
IO opened at $13.50 on Friday. The company has a market cap of $204.44 million, a PE ratio of -8.91 and a beta of 2.57. Ion Geophysical Corp has a one year low of $7.55 and a one year high of $32.45. The company has a current ratio of 1.04, a quick ratio of 0.88 and a debt-to-equity ratio of 3.45.
Ion Geophysical (NYSE:IO) last released its earnings results on Wednesday, August 1st. The oil and gas company reported ($1.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($1.45). The business had revenue of $24.74 million for the quarter, compared to the consensus estimate of $47.30 million. Ion Geophysical had a negative net margin of 22.99% and a negative return on equity of 79.01%. As a group, equities research analysts predict that Ion Geophysical Corp will post -0.63 earnings per share for the current year.
Ion Geophysical 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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