Ion Geophysical (IO) Downgraded by UBS Group

UBS Group cut shares of Ion Geophysical (NYSE:IO) from an outperform rating to a market perform rating in a research report released on Thursday morning, The Fly reports.

Separately, Oppenheimer dropped their price objective on Ion Geophysical to $79.00 and set an outperform rating for the company in a report on Friday, August 3rd. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Ion Geophysical currently has an average rating of Hold and a consensus price target of $57.00.

Shares of IO traded down $0.52 during mid-day trading on Thursday, reaching $9.78. 318,955 shares of the stock traded hands, compared to its average volume of 113,567. Ion Geophysical has a 12-month low of $8.50 and a 12-month 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 issued its quarterly earnings data on Wednesday, October 31st. The oil and gas company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $47.20 million for the quarter, compared to the consensus estimate of $65.50 million. On average, sell-side analysts anticipate that Ion Geophysical will post -0.63 EPS 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 bought at an average price of $15.88 per share, for a total transaction of $635,200.00. Following the purchase, the director now owns 172,773 shares in the company, valued at approximately $2,743,635.24. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 15.20% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of Montreal Can purchased a new position in shares of Ion Geophysical during the second quarter valued at approximately $109,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Ion Geophysical in the 1st quarter valued at $207,000. New Jersey Better Educational Savings Trust purchased a new stake in Ion Geophysical in the 3rd quarter valued at $249,000. Rhumbline Advisers purchased a new stake in Ion Geophysical in the 2nd quarter valued at $256,000. Finally, Guggenheim Capital LLC purchased a new stake in Ion Geophysical in the 1st quarter valued at $259,000. 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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