Oppenheimer reiterated their market perform rating on shares of Ion Geophysical (NYSE:IO) in a report released on Friday morning, Marketbeat Ratings reports.
Separately, UBS Group downgraded shares of Ion Geophysical from an outperform rating to a market perform rating in a research note on Thursday. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Ion Geophysical currently has an average rating of Hold and a consensus target price of $57.00.
Shares of NYSE IO traded down $0.52 during midday trading on Friday, reaching $9.78. 318,955 shares of the company’s stock traded hands, compared to its average volume of 113,567. 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 has a one year low of $8.50 and a one year high of $32.45.
Ion Geophysical (NYSE:IO) last released its quarterly earnings data on Wednesday, October 31st. The oil and gas company reported ($0.52) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.87 by ($1.39). Ion Geophysical had a negative net margin of 32.58% and a negative return on equity of 102.36%. The business had revenue of $47.20 million for the quarter, compared to the consensus estimate of $65.50 million. As a group, research analysts expect that Ion Geophysical will post -0.63 earnings per share for the current fiscal year.
In other news, Director James M. Lapeyre, Jr. bought 40,000 shares of the stock in a transaction on Wednesday, August 15th. The stock was bought at an average cost of $15.88 per share, for a total transaction 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 15.20% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of Montreal Can acquired a new stake in Ion Geophysical in the second quarter valued at approximately $109,000. Alps Advisors Inc. boosted its stake in Ion Geophysical by 31.1% in the third quarter. Alps Advisors Inc. now owns 26,907 shares of the oil and gas company’s stock valued at $418,000 after acquiring an additional 6,383 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Ion Geophysical by 20.7% in the first quarter. Northern Trust Corp now owns 38,608 shares of the oil and gas company’s stock worth $1,047,000 after buying an additional 6,625 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Ion Geophysical in the first quarter worth $207,000. Finally, Macquarie Group Ltd. raised its holdings in shares of Ion Geophysical by 36.0% in the second quarter. Macquarie Group Ltd. now owns 35,924 shares of the oil and gas company’s stock worth $873,000 after buying an additional 9,500 shares during the last quarter. Institutional investors own 56.08% of the company’s stock.
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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