Ion Geophysical (IO) Stock Rating Lowered by ValuEngine

Ion Geophysical (NYSE:IO) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a report issued on Friday.

Ion Geophysical (IO) opened at $14.05 on Friday. The company has a debt-to-equity ratio of 3.88, a current ratio of 0.89 and a quick ratio of 0.78. Ion Geophysical has a 12-month low of $3.20 and a 12-month high of $15.30.

Ion Geophysical (NYSE:IO) last posted its quarterly earnings data on Wednesday, November 1st. The oil and gas company reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.37) by $0.78. The company had revenue of $61.10 million during the quarter. Ion Geophysical had a negative net margin of 20.19% and a negative return on equity of 102.40%. During the same quarter last year, the company earned ($3.30) earnings per share.

Several hedge funds have recently made changes to their positions in IO. California Public Employees Retirement System raised its holdings in shares of Ion Geophysical by 203.9% in the first quarter. California Public Employees Retirement System now owns 43,966 shares of the oil and gas company’s stock valued at $213,000 after purchasing an additional 29,500 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Ion Geophysical by 24.0% in the third quarter. JPMorgan Chase & Co. now owns 118,559 shares of the oil and gas company’s stock worth $1,114,000 after purchasing an additional 22,913 shares in the last quarter. OxFORD Asset Management LLP boosted its position in shares of Ion Geophysical by 49.6% in the third quarter. OxFORD Asset Management LLP now owns 42,286 shares of the oil and gas company’s stock valued at $400,000 after acquiring an additional 14,021 shares during the period. Wells Fargo & Company MN boosted its position in shares of Ion Geophysical by 14.1% in the third quarter. Wells Fargo & Company MN now owns 79,995 shares of the oil and gas company’s stock valued at $761,000 after acquiring an additional 9,900 shares during the period. Finally, Neuberger Berman Group LLC boosted its position in shares of Ion Geophysical by 2.1% in the third quarter. Neuberger Berman Group LLC now owns 180,868 shares of the oil and gas company’s stock valued at $1,720,000 after acquiring an additional 3,741 shares during the period. Institutional investors own 34.11% of the company’s stock.

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About Ion Geophysical

ION Geophysical Corporation is a technology-focused company. It provides geophysical technology, services and solutions to the global oil and gas industry. Its offerings are designed to enable oil and gas exploration and production (E&P) companies to obtain images of the Earth’s subsurface. It offers services and products through three segments: E&P Technology & Services, E&P Operations Optimization, and Ocean Bottom Services.

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