Ion Geophysical (IO) Downgraded to “Sell” at ValuEngine

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ValuEngine cut shares of Ion Geophysical (NYSE:IO) from a hold rating to a sell rating in a report published on Tuesday morning.

A number of other equities analysts have also recently weighed in on IO. CIBC reissued a market perform rating on shares of Ion Geophysical in a research report on Friday, November 2nd. Oppenheimer reissued a market perform rating on shares of Ion Geophysical in a research report on Friday, November 2nd. Finally, UBS Group lowered shares of Ion Geophysical from an outperform rating to a market perform rating in a report on Thursday, November 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $57.00.

Shares of NYSE IO opened at $9.95 on Tuesday. The firm has a market cap of $136.95 million, a PE ratio of -6.18 and a beta of 2.81. Ion Geophysical has a twelve month low of $8.50 and a twelve 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 announced its quarterly earnings results 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). The firm had revenue of $47.20 million for the quarter, compared to the consensus estimate of $65.50 million. Ion Geophysical had a negative return on equity of 102.36% and a negative net margin of 32.58%. As a group, equities analysts anticipate that Ion Geophysical will post -0.63 earnings per share for the current fiscal year.

In related news, Director James M. Lapeyre, Jr. acquired 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The shares were acquired at an average cost of $15.88 per share, for a total transaction of $635,200.00. Following the completion of the acquisition, the director now directly owns 172,773 shares in the company, valued at approximately $2,743,635.24. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 13.80% of the company’s stock.

Several large investors have recently modified their holdings of IO. Northern Trust Corp increased its stake in Ion Geophysical by 20.7% in the 1st quarter. Northern Trust Corp now owns 38,608 shares of the oil and gas company’s stock valued at $1,047,000 after buying an additional 6,625 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Ion Geophysical by 53.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 372,163 shares of the oil and gas company’s stock valued at $10,086,000 after buying an additional 128,856 shares during the last quarter. Guggenheim Capital LLC acquired a new stake in Ion Geophysical in the 1st quarter valued at $259,000. Millennium Management LLC increased its stake in Ion Geophysical by 656.2% in the 1st quarter. Millennium Management LLC now owns 309,236 shares of the oil and gas company’s stock valued at $8,380,000 after buying an additional 268,342 shares during the last quarter. Finally, Allianz Asset Management GmbH acquired a new stake in Ion Geophysical in the 1st quarter valued at $418,000. Institutional investors and hedge funds own 56.35% of the company’s stock.

Ion Geophysical Company Profile

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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