ION Geophysical Corporation [IO] moved down -9.62: Why It’s Important

ION Geophysical Corporation [NYSE: IO] slipped around -0.2 points on Thursday, while shares priced at $1.88 at the close of the session, down -9.62%. The company report on October 8, 2020 that ION completes Phase 1 of North Sea 3D multi-client program ahead of schedule.

ION Geophysical Corporation (NYSE: IO) today announced the initial phase of the Company’s North Sea 3D multi-client program was acquired safely and ahead of schedule. While the majority of the up to ~11,000 sq km industry-supported survey will be acquired next summer, this initial phase enables the Company to complete the entire program by the end of the 2021 season. The Mid North Sea High program covers one of the last underexplored sections of the prolific UK Continental Shelf, and is now an area of industry focus following recent play-opening wells. The existing infrastructure and proximity to the shore makes it attractive for future investment. Since the program launched, additional acreage was awarded over the survey area, reinforcing the value of the asset and increasing the potential client base for our program. Final deliverables will be available in April 2021.

“This program marks our entry into the North Sea and completes one of the company’s top strategic objectives this year to enter the larger 3D new acquisition multi-client market,” said Ken Williamson, Executive Vice President and Chief Operating Officer of ION’s E&P Technology and Services group. “On behalf of ION, I’d like to thank Shearwater for their partnership in the program. We successfully acquired the most challenging shallow water section of the survey, where conflicts with other operations would have been more challenging in subsequent years. Utilizing the Company’s Marlin™ and Orca® software, ION’s Optimization Services team planned the project using an innovative digital methodology that incorporates impacts of ocean currents and nearby operations to make better decisions in real time. This assured maximum data collection during the available 2020 season and more uniform subsurface coverage. We are looking forward to the second phase next summer.”.

ION Geophysical Corporation stock is now -78.34% down from its year-to-date (YTD) trading value. IO Stock saw the intraday high of $2.20 and lowest of $1.80 per share. The company’s 52-week high price is 9.79, which means current price is +66.37% above from all time high which was touched on 01/02/20.

Compared to the average trading volume of 389.37K shares, IO reached a trading volume of 4150323 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about ION Geophysical Corporation [IO]?

H.C. Wainwright have made an estimate for ION Geophysical Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 22, 2020. The new note on the price target was released on March 09, 2020, representing the official price target for ION Geophysical Corporation stock.

The Average True Range (ATR) for ION Geophysical Corporation is set at 0.21, with the Price to Sales ratio for IO stock in the period of the last 12 months amounting to 0.16. Price to Free Cash Flow for IO in the course of the last twelve months was 0.81 with Quick ratio for the last quarter at 0.80.

How has IO stock performed recently?

ION Geophysical Corporation [IO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 29.66. With this latest performance, IO shares gained by 11.90% in over the last four-week period, additionally plugging by 22.08% over the last 6 months – not to mention a drop of -75.71% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IO stock in for the last two-week period is set at 55.43, with the RSI for the last a single of trading hit 62.77, and the three-weeks RSI is set at 52.24 for ION Geophysical Corporation [IO]. The present Moving Average for the last 50 days of trading for this stock 1.9614, while it was recorded at 1.6740 for the last single week of trading, and 2.9925 for the last 200 days.

ION Geophysical Corporation [IO]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and ION Geophysical Corporation [IO] shares currently have an operating margin of -8.81 and a Gross Margin at +39.55. ION Geophysical Corporation’s Net Margin is presently recorded at -27.59.

Return on Total Capital for IO is now -11.91, given the latest momentum, and Return on Invested Capital for the company is -40.32. Additionally, IO Total Debt to Total Capital is recorded at 129.10, with Total Debt to Total Assets ending up at 70.05.

Reflecting on the efficiency of the workforce at the company, ION Geophysical Corporation [IO] managed to generate an average of -$92,869 per employee. Receivables Turnover for the company is 3.13 with a Total Asset Turnover recorded at a value of 0.73.ION Geophysical Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.80 and a Current Ratio set at 0.90.

Earnings analysis for ION Geophysical Corporation [IO]

With the latest financial reports released by the company, ION Geophysical Corporation posted -0.26/share EPS, while the average EPS was predicted by analysts to be reported at -0.37/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 29.70%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for IO. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for ION Geophysical Corporation go to 18.00%.

Insider trade positions for ION Geophysical Corporation [IO]

There are presently around $7 million, or 38.60% of IO stock, in the hands of institutional investors. The top three institutional holders of IO stocks are: RENAISSANCE TECHNOLOGIES LLC with ownership of 1,073,367, which is approximately -2.19% of the company’s market cap and around 1.80% of the total institutional ownership; VANGUARD GROUP INC, holding 475,270 shares of the stock with an approximate value of $0.89 million in IO stocks shares; and DIMENSIONAL FUND ADVISORS LP, currently with $0.68 million in IO stock with ownership of nearly -27.996% of the company’s market capitalization.

Positions in ION Geophysical Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 18 institutional holders increased their position in ION Geophysical Corporation [NYSE:IO] by around 243,845 shares. Additionally, 27 investors decreased positions by around 1,212,167 shares, while 8 investors held positions by with 2,251,285 shares. The mentioned changes placed institutional holdings at 3,707,297 shares, according to the latest SEC report filing. IO stock had 8 new institutional investments in for a total of 139,888 shares, while 13 institutional investors sold positions of 826,804 shares during the same period.

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