Shares of Ion Geophysical Corp (NYSE:IO) have received a consensus broker rating score of 1.00 (Strong Buy) from the three brokers that cover the stock, Zacks Investment Research reports. Three analysts have rated the stock with a strong buy rating.
Analysts have set a 1 year consensus price target of $30.50 for the company and are predicting that the company will post $0.87 EPS for the current quarter, according to Zacks. Zacks has also assigned Ion Geophysical an industry rank of 194 out of 255 based on the ratings given to related companies.
Separately, Oppenheimer decreased their price target on Ion Geophysical to $79.00 and set an “outperform” rating for the company in a report on Friday, August 3rd.
In related news, Director James M. Lapeyre, Jr. purchased 40,000 shares of the firm’s stock in a transaction on Wednesday, August 15th. The stock was bought at an average cost of $15.88 per share, with a total value of $635,200.00. Following the completion of the acquisition, the director now owns 172,773 shares of the company’s stock, valued at approximately $2,743,635.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 14.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Strs Ohio purchased a new stake in shares of Ion Geophysical during the second quarter worth approximately $413,000. BlueMountain Capital Management LLC purchased a new stake in shares of Ion Geophysical during the second quarter worth approximately $751,000. Guggenheim Capital LLC purchased a new stake in shares of Ion Geophysical during the first quarter worth approximately $259,000. Bank of Montreal Can purchased a new stake in shares of Ion Geophysical during the second quarter worth approximately $109,000. Finally, Millennium Management LLC increased its position in shares of Ion Geophysical by 656.2% during the first quarter. Millennium Management LLC now owns 309,236 shares of the oil and gas company’s stock worth $8,380,000 after purchasing an additional 268,342 shares in the last quarter. 55.85% of the stock is owned by institutional investors and hedge funds.
Shares of Ion Geophysical stock traded up $0.13 on Friday, reaching $14.80. 1,230 shares of the stock were exchanged, compared to its average volume of 232,143. The company has a quick ratio of 0.88, a current ratio of 1.04 and a debt-to-equity ratio of 3.45. Ion Geophysical has a twelve month low of $7.55 and a twelve month high of $32.45. The company has a market capitalization of $217.75 million, a price-to-earnings ratio of -9.12 and a beta of 2.58.
Ion Geophysical (NYSE:IO) last announced its quarterly earnings results on Wednesday, August 1st. The oil and gas company reported ($1.68) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($1.45). Ion Geophysical had a negative net margin of 22.99% and a negative return on equity of 79.01%. The company had revenue of $24.74 million during the quarter, compared to analyst estimates of $47.30 million. Research analysts anticipate that Ion Geophysical will post -0.63 EPS for the current fiscal year.
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.
Featured Article: Price to Earnings Ratio (PE) Basics
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.