Ion Geophysical (NYSE:IO) Stock Passes Above 50-Day Moving Average of $8.11

Ion Geophysical Corp (NYSE:IO) shares crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $8.11 and traded as high as $8.13. Ion Geophysical shares last traded at $8.07, with a volume of 8,629 shares traded.

Several brokerages recently commented on IO. Zacks Investment Research cut Ion Geophysical from a “hold” rating to a “sell” rating in a research report on Tuesday, May 21st. ValuEngine cut Ion Geophysical from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The stock has a consensus rating of “Hold” and an average target price of $79.00.

The company has a quick ratio of 0.81, a current ratio of 0.94 and a debt-to-equity ratio of 15.28. The stock has a market cap of $103.13 million, a PE ratio of -3.40 and a beta of 3.91. The company has a 50-day moving average of $7.99.

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

In related news, Director James M. Lapeyre, Jr. bought 60,000 shares of the company’s stock in a transaction on Friday, May 31st. The stock was bought at an average cost of $6.79 per share, for a total transaction of $407,400.00. Following the acquisition, the director now directly owns 265,273 shares in the company, valued at $1,801,203.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 16.10% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the business. BNP Paribas Arbitrage SA grew its holdings 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 buying an additional 1,719 shares in the last quarter. Rhumbline Advisers acquired a new position in shares of Ion Geophysical in the 4th quarter valued at $75,000. Alambic Investment Management L.P. acquired a new position in shares of Ion Geophysical in the 1st quarter valued at $305,000. Millennium Management LLC acquired a new position in shares of Ion Geophysical in the 4th quarter valued at $132,000. Finally, Citigroup Inc. lifted its stake in shares of Ion Geophysical by 1,097.7% in 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 last quarter. Institutional investors own 46.45% of the company’s stock.

Ion Geophysical Company Profile (NYSE:IO)

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.

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