Ion Geophysical (NYSE:IO) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Ion Geophysical (NYSE:IO) from a strong sell rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “ION GEOPHYSICAL CORPORATION is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION’s offerings allow E&P operators to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and enable seismic contractors to acquire geophysical data more efficiently. “

Separately, ValuEngine cut Zosano Pharma from a buy rating to a hold rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The company has a consensus rating of Hold and an average target price of $79.00.



Shares of NYSE IO opened at $9.61 on Wednesday. The company has a market cap of $135.21 million, a P/E ratio of -4.05 and a beta of 3.86. Ion Geophysical has a 12-month low of $4.53 and a 12-month high of $26.60. The company has a current ratio of 0.94, a quick ratio of 0.81 and a debt-to-equity ratio of 15.28. The business has a 50 day moving average of $8.19.

Ion Geophysical (NYSE:IO) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported ($1.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.77) by ($0.75). The company had revenue of $36.96 million during the quarter, compared to the consensus estimate of $34.20 million. Ion Geophysical had a negative return on equity of 256.52% and a negative net margin of 40.39%. Equities research analysts forecast that Ion Geophysical will post -1.74 earnings per share for the current year.

In other Ion Geophysical news, Director James M. Lapeyre, Jr. bought 60,000 shares of the stock in a transaction that occurred on Friday, May 31st. The shares were purchased at an average cost of $6.79 per share, for a total transaction of $407,400.00. Following the transaction, the director now directly owns 265,273 shares in the company, valued at $1,801,203.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.10% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA increased its position in Ion Geophysical by 345.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,217 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 1,719 shares during the period. Rhumbline Advisers acquired a new position in shares of Ion Geophysical during the 4th quarter valued at $75,000. Millennium Management LLC acquired a new position in shares of Ion Geophysical during the 4th quarter valued at $132,000. Citigroup Inc. increased its position in shares of Ion Geophysical by 1,097.7% during the 4th quarter. Citigroup Inc. now owns 39,501 shares of the oil and gas company’s stock valued at $204,000 after purchasing an additional 36,203 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its position in shares of Ion Geophysical by 13.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 40,996 shares of the oil and gas company’s stock valued at $212,000 after purchasing an additional 5,000 shares during the period. Hedge funds and other institutional investors own 46.60% of the company’s stock.

Ion Geophysical Company Profile

ION Geophysical Corporation, together with its subsidiaries, provides a suite of services and products for seismic data acquisition and processing the United States and internationally. The company operates in three segments: E&P Technology & Services, Operations Optimization, and Ocean Bottom Integrated Technologies.

Further Reading: Cost of Debt

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