Ion Geophysical Corp (NYSE:IO) has been assigned a consensus recommendation of “Buy” from the six brokerages that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $57.00.
Several analysts have recently commented on the stock. UBS Group lowered shares of Ion Geophysical from an “outperform” rating to a “market perform” rating in a research report on Thursday. Oppenheimer cut their target price on Ion Geophysical to $79.00 and set an “outperform” rating on the stock in a research report on Friday, August 3rd.
Shares of IO stock traded down $1.51 during trading on Thursday, hitting $10.30. 444,235 shares of the stock traded hands, compared to its average volume of 224,646. The firm has a market cap of $164.82 million, a PE ratio of -6.40 and a beta of 2.57. The company has a debt-to-equity ratio of 3.45, a quick ratio of 0.88 and a current ratio of 1.04. Ion Geophysical has a 52-week low of $8.00 and a 52-week high of $32.45.
Ion Geophysical (NYSE:IO) last released its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($0.52) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.87 by ($1.39). The firm had revenue of $47.20 million for the quarter, compared to analysts’ expectations of $65.50 million. Ion Geophysical had a negative net margin of 22.99% and a negative return on equity of 79.01%. Equities research analysts predict that Ion Geophysical will post -0.63 EPS for the current fiscal year.
In other news, Director James M. Lapeyre, Jr. bought 40,000 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 172,773 shares in the company, valued at $2,743,635.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 15.20% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Strs Ohio purchased a new stake in Ion Geophysical in the second quarter valued at approximately $413,000. BlueMountain Capital Management LLC purchased a new stake in Ion Geophysical in the second quarter valued at approximately $751,000. Guggenheim Capital LLC purchased a new stake in Ion Geophysical in the first quarter valued at approximately $259,000. Schwab Charles Investment Management Inc. purchased a new stake in Ion Geophysical in the second quarter valued at approximately $549,000. Finally, BlackRock Inc. raised its position in Ion Geophysical by 288.9% in the second quarter. BlackRock Inc. now owns 682,211 shares of the oil and gas company’s stock valued at $16,578,000 after purchasing an additional 506,791 shares during the period. 56.08% of the stock is currently owned by institutional investors.
About Ion Geophysical
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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