Equities research analysts forecast that Ion Geophysical Corp (NYSE:IO) will post $70.50 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Ion Geophysical’s earnings, with estimates ranging from $65.50 million to $75.50 million. Ion Geophysical reported sales of $61.10 million during the same quarter last year, which indicates a positive year-over-year growth rate of 15.4%. The firm is expected to report its next quarterly earnings report on Wednesday, November 7th.

According to Zacks, analysts expect that Ion Geophysical will report full-year sales of $228.20 million for the current financial year, with estimates ranging from $220.70 million to $235.70 million. For the next financial year, analysts expect that the company will report sales of $250.80 million per share, with estimates ranging from $234.30 million to $267.30 million. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Ion Geophysical.

Ion Geophysical (NYSE:IO) last announced its quarterly earnings data on Wednesday, August 1st. The oil and gas company reported ($1.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($1.45). Ion Geophysical had a negative net margin of 22.99% and a negative return on equity of 79.01%. The firm had revenue of $24.74 million during the quarter, compared to analyst estimates of $47.30 million.

IO has been the topic of a number of recent analyst reports. Janney Montgomery Scott initiated coverage on shares of Ion Geophysical in a research note on Tuesday, May 29th. They set a “buy” rating and a $35.00 price target on the stock. Oppenheimer lowered their price target on shares of Ion Geophysical to $79.00 and set an “outperform” rating on the stock in a research note on Friday, August 3rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $57.00.

Shares of NYSE:IO traded down $0.35 on Tuesday, reaching $17.50. 8,875 shares of the company were exchanged, compared to its average volume of 267,569. The company has a quick ratio of 0.88, a current ratio of 1.04 and a debt-to-equity ratio of 3.45. Ion Geophysical has a 1-year low of $6.55 and a 1-year high of $32.45. The stock has a market cap of $241.55 million, a PE ratio of -10.99 and a beta of 2.85.

In other news, CEO R Brian Hanson sold 97,760 shares of the company’s stock in a transaction on Friday, June 22nd. The shares were sold at an average price of $23.18, for a total transaction of $2,266,076.80. Following the transaction, the chief executive officer now directly owns 50,040 shares of the company’s stock, valued at approximately $1,159,927.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James M. Lapeyre, Jr. acquired 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 15th. The stock was acquired at an average price of $15.88 per share, for a total transaction of $635,200.00. Following the completion of the transaction, the director now directly owns 172,773 shares in the company, valued at $2,743,635.24. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 163,588 shares of company stock worth $3,772,846. Corporate insiders own 15.20% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in IO. Bank of Montreal Can purchased a new stake in shares of Ion Geophysical in the 2nd quarter worth about $109,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Ion Geophysical in the 1st quarter worth about $207,000. Rhumbline Advisers purchased a new stake in shares of Ion Geophysical in the 2nd quarter worth about $256,000. Guggenheim Capital LLC purchased a new stake in shares of Ion Geophysical in the 1st quarter worth about $259,000. Finally, A.R.T. Advisors LLC purchased a new stake in shares of Ion Geophysical in the 1st quarter worth about $377,000. Institutional investors and hedge funds own 55.85% 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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