Brokerages expect Ion Geophysical Corp (NYSE:IO) to announce $47.30 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Ion Geophysical’s earnings. The highest sales estimate is $48.60 million and the lowest is $46.00 million. Ion Geophysical posted sales of $46.00 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 2.8%. The business is expected to announce its next quarterly earnings results on Wednesday, August 1st.
According to Zacks, analysts expect that Ion Geophysical will report full year sales of $230.25 million for the current fiscal year, with estimates ranging from $224.80 million to $235.70 million. For the next fiscal year, analysts forecast that the business will report sales of $261.35 million per share, with estimates ranging from $255.40 million to $267.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Ion Geophysical.
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Ion Geophysical (NYSE:IO) last issued its quarterly earnings results on Wednesday, May 2nd. The oil and gas company reported ($1.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($1.12). Ion Geophysical had a negative net margin of 12.76% and a negative return on equity of 49.23%. The firm had revenue of $33.51 million for the quarter, compared to analysts’ expectations of $37.90 million. During the same period in the prior year, the company earned $0.14 EPS.
A number of brokerages recently issued reports on IO. CIBC began coverage on Ion Geophysical in a report on Thursday, March 29th. They set an “outperform” rating on the stock. ValuEngine raised Ion Geophysical from a “sell” rating to a “hold” rating in a report on Friday, April 6th. Oppenheimer began coverage on Ion Geophysical in a report on Thursday, March 29th. They set an “outperform” rating and a $35.00 price objective on the stock. Finally, Janney Montgomery Scott began coverage on Ion Geophysical in a report on Tuesday, May 29th. They set a “buy” rating and a $35.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Ion Geophysical currently has an average rating of “Buy” and a consensus target price of $35.00.
IO traded up $1.45 during trading on Wednesday, reaching $22.85. 2,005,136 shares of the company were exchanged, compared to its average volume of 174,763. 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 has a 12-month low of $3.20 and a 12-month high of $32.45.
In other Ion Geophysical news, CEO R Brian Hanson sold 57,695 shares of the company’s stock in a transaction dated Tuesday, June 19th. The stock was sold at an average price of $22.74, for a total value of $1,311,984.30. Following the transaction, the chief executive officer now directly owns 91,392 shares in the company, valued at approximately $2,078,254.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Franklin Myers sold 8,133 shares of the company’s stock in a transaction dated Monday, June 4th. The stock was sold at an average price of $23.95, for a total value of $194,785.35. The disclosure for this sale can be found here. Corporate insiders own 15.20% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd bought a new position in Ion Geophysical in the 1st quarter worth about $207,000. Guggenheim Capital LLC bought a new position in Ion Geophysical in the 1st quarter worth about $259,000. Monashee Investment Management LLC bought a new position in Ion Geophysical in the 4th quarter worth about $200,000. Jane Street Group LLC bought a new position in Ion Geophysical in the 4th quarter worth about $203,000. Finally, A.R.T. Advisors LLC bought a new position in Ion Geophysical in the 1st quarter worth about $377,000. Institutional investors and hedge funds own 52.67% of the company’s stock.
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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