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.

See Also: Do stock splits help investors?

The Fly

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