ValuEngine downgraded shares of Ion Geophysical (NYSE:IO) from a hold rating to a sell rating in a research note published on Friday morning.

Ion Geophysical (NYSE:IO) opened at $13.55 on Friday. Ion Geophysical has a 1-year low of $3.20 and a 1-year high of $15.30. The company has a debt-to-equity ratio of 3.88, a quick ratio of 0.78 and a current ratio of 0.89.

Ion Geophysical (NYSE:IO) last announced its quarterly earnings data on Wednesday, November 1st. The oil and gas company reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.37) by $0.78. The business had revenue of $61.10 million for the quarter. Ion Geophysical had a negative net margin of 20.19% and a negative return on equity of 102.40%. During the same quarter in the previous year, the company earned ($3.30) earnings per share.

Several hedge funds have recently made changes to their positions in IO. California Public Employees Retirement System lifted its holdings in shares of Ion Geophysical by 203.9% during the 1st quarter. California Public Employees Retirement System now owns 43,966 shares of the oil and gas company’s stock worth $213,000 after acquiring an additional 29,500 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Ion Geophysical by 24.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 118,559 shares of the oil and gas company’s stock worth $1,114,000 after acquiring an additional 22,913 shares during the period. OxFORD Asset Management LLP lifted its holdings in shares of Ion Geophysical by 49.6% during the 3rd quarter. OxFORD Asset Management LLP now owns 42,286 shares of the oil and gas company’s stock worth $400,000 after acquiring an additional 14,021 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Ion Geophysical by 14.1% during the 3rd quarter. Wells Fargo & Company MN now owns 79,995 shares of the oil and gas company’s stock worth $761,000 after acquiring an additional 9,900 shares during the period. Finally, Neuberger Berman Group LLC lifted its holdings in shares of Ion Geophysical by 2.1% during the 3rd quarter. Neuberger Berman Group LLC now owns 180,868 shares of the oil and gas company’s stock worth $1,720,000 after acquiring an additional 3,741 shares during the period. Institutional investors and hedge funds own 34.11% of the company’s stock.

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Ion Geophysical Company Profile

ION Geophysical Corporation is a technology-focused company. It provides geophysical technology, services and solutions to the global oil and gas industry. Its offerings are designed to enable oil and gas exploration and production (E&P) companies to obtain images of the Earth’s subsurface. It offers services and products through three segments: E&P Technology & Services, E&P Operations Optimization, and Ocean Bottom Services.

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