Wall Street analysts expect that Ion Geophysical Corp (NYSE:IO) will post earnings of ($0.26) per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Ion Geophysical’s earnings, with the highest EPS estimate coming in at ($0.22) and the lowest estimate coming in at ($0.30). Ion Geophysical posted earnings per share of ($0.88) in the same quarter last year, which would indicate a positive year-over-year growth rate of 70.5%. The business is scheduled to issue its next quarterly earnings report on Wednesday, August 1st.
According to Zacks, analysts expect that Ion Geophysical will report full-year earnings of $0.19 per share for the current financial year. For the next financial year, analysts forecast that the company will post earnings of $1.39 per share, with EPS estimates ranging from $0.96 to $1.82. Zacks’ EPS averages are a mean average based on a survey of analysts that that provide coverage for Ion Geophysical.
Ion Geophysical (NYSE:IO) last issued its quarterly earnings data on Wednesday, May 2nd. The oil and gas company reported ($1.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($1.12). Ion Geophysical had a negative return on equity of 49.23% and a negative net margin of 12.76%. The business had revenue of $33.51 million during the quarter, compared to the consensus estimate of $37.90 million. During the same period last year, the company earned $0.14 earnings per share.
A number of brokerages recently issued reports on IO. Oppenheimer began coverage on Ion Geophysical in a report on Thursday, March 29th. They issued an “outperform” rating and a $35.00 price objective for the company. ValuEngine raised Ion Geophysical from a “sell” rating to a “hold” rating in a report on Friday, April 6th. Janney Montgomery Scott began coverage on Ion Geophysical in a report on Tuesday, May 29th. They issued a “buy” rating and a $35.00 price objective for the company. Evercore ISI raised Ion Geophysical from an “in-line” rating to an “outperform” rating in a report on Friday, February 9th. Finally, CIBC began coverage on Ion Geophysical in a report on Thursday, March 29th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Ion Geophysical currently has an average rating of “Buy” and an average target price of $35.00.
In other Ion Geophysical news, Director Franklin Myers sold 8,133 shares of the company’s stock in a transaction that occurred on Monday, June 4th. The stock was sold at an average price of $23.95, for a total value of $194,785.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 15.20% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its position in Ion Geophysical by 103.1% in the fourth quarter. Renaissance Technologies LLC now owns 585,156 shares of the oil and gas company’s stock worth $11,557,000 after purchasing an additional 296,974 shares during the period. Hood River Capital Management LLC acquired a new stake in Ion Geophysical in the first quarter worth approximately $10,159,000. Dimensional Fund Advisors LP lifted its position in Ion Geophysical by 53.0% in the first quarter. Dimensional Fund Advisors LP now owns 372,163 shares of the oil and gas company’s stock worth $10,086,000 after purchasing an additional 128,856 shares during the period. Millennium Management LLC lifted its position in Ion Geophysical by 656.2% in 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 during the period. Finally, Neuberger Berman Group LLC lifted its position in Ion Geophysical by 19.6% in the first quarter. Neuberger Berman Group LLC now owns 178,788 shares of the oil and gas company’s stock worth $4,841,000 after purchasing an additional 29,343 shares during the period. Hedge funds and other institutional investors own 50.15% of the company’s stock.
Ion Geophysical traded up $0.30, reaching $24.10, on Thursday, Marketbeat Ratings reports. The company’s stock had a trading volume of 176,500 shares, compared to its average volume of 252,156. Ion Geophysical has a 52 week low of $3.20 and a 52 week high of $32.45. The firm has a market capitalization of $328.96 million, a price-to-earnings ratio of -14.88 and a beta of 2.79. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.31 and a quick ratio of 1.14.
Ion Geophysical Company Profile
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.
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