Ion Geophysical (NYSE:IO) Trading Up 2.4%

Ion Geophysical Corp (NYSE:IO)’s share price was up 2.4% during mid-day trading on Friday . The company traded as high as $8.18 and last traded at $8.12. Approximately 4,233 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 200,820 shares. The stock had previously closed at $7.93.

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

The company has a debt-to-equity ratio of 15.28, a current ratio of 0.94 and a quick ratio of 0.81. The stock’s 50-day moving average price is $7.99.

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

In other news, Director James M. Lapeyre, Jr. purchased 60,000 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were purchased at an average cost of $6.79 per share, with a total value of $407,400.00. Following the completion of the purchase, the director now owns 265,273 shares of the company’s stock, valued at approximately $1,801,203.67. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 16.10% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Deutsche Bank AG lifted its stake in shares of Ion Geophysical by 219.4% in the fourth quarter. Deutsche Bank AG now owns 233,097 shares of the oil and gas company’s stock worth $1,206,000 after acquiring an additional 160,116 shares during the period. Citigroup Inc. grew its holdings in Ion Geophysical by 1,097.7% during the fourth quarter. Citigroup Inc. now owns 39,501 shares of the oil and gas company’s stock worth $204,000 after buying an additional 36,203 shares in the last quarter. Spark Investment Management LLC grew its holdings in Ion Geophysical by 38.7% during the first quarter. Spark Investment Management LLC now owns 110,687 shares of the oil and gas company’s stock worth $1,598,000 after buying an additional 30,887 shares in the last quarter. Millennium Management LLC bought a new stake in Ion Geophysical during the fourth quarter worth $132,000. Finally, Alambic Investment Management L.P. bought a new stake in Ion Geophysical during the first quarter worth $305,000. 46.45% of the stock is currently owned by hedge funds and other institutional investors.

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.

Read More: Short Selling

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.