Ion Geophysical (IO) Upgraded to Outperform by Evercore ISI

Ion Geophysical (NYSE:IO) was upgraded by Evercore ISI from an “in-line” rating to an “outperform” rating in a research report issued on Friday, Marketbeat Ratings reports.

Separately, ValuEngine raised Ion Geophysical from a “sell” rating to a “hold” rating in a report on Friday, February 2nd.

Shares of Ion Geophysical (IO) opened at $27.55 on Friday. Ion Geophysical has a twelve month low of $3.20 and a twelve month high of $28.55. The stock has a market capitalization of $331.21, a price-to-earnings ratio of -10.72 and a beta of 3.62. The company has a current ratio of 0.89, a quick ratio of 0.78 and a debt-to-equity ratio of 3.88.

Ion Geophysical (NYSE:IO) last announced its quarterly earnings results on Wednesday, February 7th. The oil and gas company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.43. Ion Geophysical had a negative return on equity of 67.22% and a negative net margin of 15.31%. The business had revenue of $57.90 million during the quarter.

In other news, CEO R Brian Hanson acquired 36,351 shares of the stock in a transaction on Thursday, December 14th. The shares were purchased at an average price of $13.05 per share, for a total transaction of $474,380.55. Following the transaction, the chief executive officer now directly owns 154,325 shares of the company’s stock, valued at $2,013,941.25. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Christopher Theron Usher acquired 14,850 shares of the stock in a transaction on Friday, December 15th. The shares were purchased at an average price of $13.50 per share, for a total transaction of $200,475.00. Following the transaction, the chief operating officer now directly owns 137,367 shares in the company, valued at $1,854,454.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 70,589 shares of company stock valued at $927,869 in the last ninety days. Insiders own 15.20% of the company’s stock.

A number of hedge funds have recently bought and sold shares of IO. JPMorgan Chase & Co. increased its position in Ion Geophysical by 24.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 118,559 shares of the oil and gas company’s stock worth $1,114,000 after buying an additional 22,913 shares during the period. Wells Fargo & Company MN increased its position in Ion Geophysical by 14.1% during 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 period. OxFORD Asset Management LLP increased its position in Ion Geophysical by 49.6% during the 3rd quarter. OxFORD Asset Management LLP now owns 42,286 shares of the oil and gas company’s stock worth $400,000 after buying an additional 14,021 shares during the period. California Public Employees Retirement System increased its position in Ion Geophysical by 11.0% during the 3rd quarter. California Public Employees Retirement System now owns 41,594 shares of the oil and gas company’s stock worth $396,000 after buying an additional 4,128 shares during the period. Finally, Neuberger Berman Group LLC increased its position in Ion Geophysical by 2.1% during the 3rd quarter. Neuberger Berman Group LLC now owns 180,868 shares of the oil and gas company’s stock worth $1,720,000 after buying an additional 3,741 shares during the period. Hedge funds and other institutional investors own 34.44% of the company’s stock.

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Ion Geophysical Company Profile

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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