Ion Geophysical (IO) Cut to Sell at ValuEngine

ValuEngine lowered shares of Ion Geophysical (NYSE:IO) from a hold rating to a sell rating in a research note released on Friday.

Ion Geophysical (NYSE IO) traded up $0.90 during trading hours on Friday, reaching $14.05. The company had a trading volume of 142,800 shares, compared to its average volume of 84,007. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 3.88. Ion Geophysical has a 1-year low of $3.20 and a 1-year high of $15.30.

Ion Geophysical (NYSE:IO) last released its quarterly earnings results 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 business had revenue of $61.10 million during the quarter. Ion Geophysical had a negative return on equity of 102.40% and a negative net margin of 20.19%. During the same period in the previous year, the business posted ($3.30) earnings per share.

A number of institutional investors have recently bought and sold shares of the business. California Public Employees Retirement System increased its stake in shares of Ion Geophysical by 11.0% in the 3rd quarter. California Public Employees Retirement System now owns 41,594 shares of the oil and gas company’s stock valued at $396,000 after purchasing an additional 4,128 shares during the last quarter. OxFORD Asset Management LLP increased its stake in shares of Ion Geophysical by 49.6% in the 3rd quarter. OxFORD Asset Management LLP now owns 42,286 shares of the oil and gas company’s stock valued at $400,000 after purchasing an additional 14,021 shares during the last quarter. Wells Fargo & Company MN increased its stake 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 valued at $761,000 after purchasing an additional 9,900 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Ion Geophysical by 24.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 118,559 shares of the oil and gas company’s stock valued at $1,114,000 after purchasing an additional 22,913 shares during the last quarter. Finally, Neuberger Berman Group LLC increased its stake in shares of Ion Geophysical by 2.1% in the 3rd quarter. Neuberger Berman Group LLC now owns 180,868 shares of the oil and gas company’s stock valued at $1,720,000 after purchasing an additional 3,741 shares during the last quarter. Hedge funds and other institutional investors own 34.11% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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