Zacks: ION Geophysical (IO) Given Consensus Rating of “Strong Buy” by Analysts

ION Geophysical (NYSE:IO) has been given an average broker rating score of 1.00 (Strong Buy) from the two analysts that cover the stock, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy recommendation.

Brokers have set a 12 month consensus target price of $35.00 for the company and are predicting that the company will post ($0.30) earnings per share for the current quarter, according to Zacks. Zacks has also assigned ION Geophysical an industry rank of 153 out of 265 based on the ratings given to related companies.

IO has been the topic of a number of research analyst reports. Evercore ISI raised shares of ION Geophysical from an “in-line” rating to an “outperform” rating in a report on Friday, February 9th. CIBC initiated coverage on shares of ION Geophysical in a report on Thursday, March 29th. They issued an “outperform” rating on the stock. ValuEngine raised shares of ION Geophysical from a “sell” rating to a “hold” rating in a report on Friday, February 2nd. Finally, Oppenheimer initiated coverage on shares of ION Geophysical in a report on Thursday, March 29th. They issued an “outperform” rating and a $35.00 price target on the stock.

ION Geophysical opened at $28.35 on Friday, according to MarketBeat Ratings. The company has a current ratio of 1.31, a quick ratio of 1.14 and a debt-to-equity ratio of 1.90. The firm has a market cap of $381.82 million, a price-to-earnings ratio of -17.61 and a beta of 2.84. ION Geophysical has a 1 year low of $27.30 and a 1 year high of $27.80.

ION Geophysical (NYSE:IO) last posted its quarterly earnings data on Wednesday, May 2nd. The oil and gas company reported ($1.34) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($1.12). The firm had revenue of $33.51 million for the quarter, compared to analysts’ expectations of $37.90 million. ION Geophysical had a negative return on equity of 49.23% and a negative net margin of 12.76%. During the same period in the prior year, the firm earned $0.14 earnings per share. analysts expect that ION Geophysical will post 0.19 EPS for the current fiscal year.

Large investors have recently modified their holdings of the stock. Wells Fargo & Company MN boosted its holdings in shares of ION Geophysical by 14.1% in the 3rd quarter. Wells Fargo & Company MN now owns 79,995 shares of the oil and gas company’s stock worth $761,000 after buying an additional 9,900 shares during the last quarter. Spark Investment Management LLC lifted its holdings in ION Geophysical by 21.7% during the fourth quarter. Spark Investment Management LLC now owns 60,100 shares of the oil and gas company’s stock valued at $1,186,000 after purchasing an additional 10,700 shares during the last quarter. Alambic Investment Management L.P. purchased a new stake in ION Geophysical during the fourth quarter valued at about $622,000. Two Sigma Investments LP purchased a new stake in ION Geophysical during the fourth quarter valued at about $1,144,000. Finally, EAM Investors LLC purchased a new stake in ION Geophysical during the fourth quarter valued at about $853,000. 36.45% of the stock is currently owned by institutional investors.

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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