Ion Geophysical (IO) Earns Market Perform Rating from Oppenheimer

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.

Further Reading: What does cost of debt say about a company’s financial health?

Analyst Recommendations for Ion Geophysical (NYSE:IO)

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