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 lowered shares of Zosano Pharma from a buy rating to a hold rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The stock has an average rating of Hold and a consensus target price of $79.00.
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 Thomson Reuters’ consensus estimate of ($0.77) by ($0.75). The firm had revenue of $36.96 million during the quarter, compared to analysts’ expectations of $34.20 million. Ion Geophysical had a negative return on equity of 256.52% and a negative net margin of 40.39%. Analysts forecast that Ion Geophysical will post -1.74 EPS for the current year.
In related news, Director James M. Lapeyre, Jr. acquired 60,000 shares of the business’s stock in a transaction on Friday, May 31st. The stock was acquired at an average cost of $6.79 per share, with a total value of $407,400.00. Following the acquisition, the director now directly owns 265,273 shares in the company, valued at approximately $1,801,203.67. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 16.10% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in IO. Deutsche Bank AG grew its holdings 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 valued at $1,206,000 after purchasing an additional 160,116 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Ion Geophysical by 1,097.7% in the fourth 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 in the last quarter. Spark Investment Management LLC grew its holdings in shares of Ion Geophysical by 38.7% in the first quarter. Spark Investment Management LLC now owns 110,687 shares of the oil and gas company’s stock valued at $1,598,000 after purchasing an additional 30,887 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Ion Geophysical in the fourth quarter valued at $132,000. Finally, WINTON GROUP Ltd grew its holdings in shares of Ion Geophysical by 122.2% in the second quarter. WINTON GROUP Ltd now owns 39,872 shares of the oil and gas company’s stock valued at $321,000 after purchasing an additional 21,931 shares in the last quarter. 46.60% of the stock is owned by institutional investors and hedge funds.
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.
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