Ion Geophysical (IO) Lowered to Market Perform at UBS Group

Ion Geophysical (NYSE:IO) was downgraded by equities research analysts at UBS Group from an “outperform” rating to a “market perform” rating in a research note issued to investors on Thursday, The Fly reports.

Separately, Oppenheimer decreased their price target on shares of Ion Geophysical to $79.00 and set an “outperform” rating on the stock in a research note on Friday, August 3rd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $57.00.

Shares of NYSE:IO traded down $1.51 during midday trading on Thursday, hitting $10.30. The company’s stock had a trading volume of 444,235 shares, compared to its average volume of 224,646. The company has a current ratio of 1.04, a quick ratio of 0.88 and a debt-to-equity ratio of 3.45. The company has a market cap of $164.82 million, a P/E ratio of -6.40 and a beta of 2.57. Ion Geophysical has a 12-month low of $8.00 and a 12-month high of $32.45.

Ion Geophysical (NYSE:IO) last posted its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($0.52) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.87 by ($1.39). The business had revenue of $47.20 million during the quarter, compared to analysts’ expectations of $65.50 million. Ion Geophysical had a negative return on equity of 79.01% and a negative net margin of 22.99%. On average, analysts expect that Ion Geophysical will post -0.63 earnings per share for the current year.

In other Ion Geophysical news, Director James M. Lapeyre, Jr. purchased 40,000 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The shares were purchased at an average cost of $15.88 per share, with a total value of $635,200.00. Following the completion of the purchase, the director now owns 172,773 shares in the company, valued at approximately $2,743,635.24. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 15.20% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. purchased a new position in Ion Geophysical during the third quarter worth about $482,000. Alps Advisors Inc. raised its stake in Ion Geophysical by 31.1% during the third quarter. Alps Advisors Inc. now owns 26,907 shares of the oil and gas company’s stock worth $418,000 after purchasing an additional 6,383 shares during the period. NJ State Employees Deferred Compensation Plan raised its stake in Ion Geophysical by 116.7% during the third quarter. NJ State Employees Deferred Compensation Plan now owns 39,000 shares of the oil and gas company’s stock worth $606,000 after purchasing an additional 21,000 shares during the period. New Jersey Better Educational Savings Trust purchased a new position in Ion Geophysical during the third quarter worth about $249,000. Finally, Northern Trust Corp raised its stake in Ion Geophysical by 247.4% during the second quarter. Northern Trust Corp now owns 134,115 shares of the oil and gas company’s stock worth $3,259,000 after purchasing an additional 95,507 shares during the period. 56.08% of the stock is currently owned by institutional investors.

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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