ION Geophysical Corporation [IO] Revenue clocked in at $122.70 million, up 6.58% YTD: What’s Next?

ION Geophysical Corporation [NYSE: IO] gained 22.17% or 0.47 points to close at $2.59 with a heavy trading volume of 29892940 shares. The company report on April 6, 2021 that ION announces preliminary first quarter 2021 results, an extension to participate in its Rights Offering and Exchange Offer to April 12th, and waiver of 95% Minimum Tender Condition.

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ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) announced that the Company expects to report first quarter 2021 revenues of approximately $14 million. The Company’s cash balance at March 31, 2021 is expected to be approximately $34 million, including net revolver borrowings of $21 million. Total liquidity, consisting of cash on hand and remaining available borrowing base capacity under the revolving credit facility, is expected to be approximately $39 million at quarter end. Despite continued near-term market challenges, backlog increased for the third consecutive quarter to approximately $21 million, primarily due to the Company’s strategic entry into the 3D new acquisition multi-client market. ION expects to recognize the majority of this backlog during the second and third quarters as its Mid North Sea High program progresses this summer.

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“While our first quarter revenues were negatively impacted by lower multi-client data sales, we saw increasing client activity towards quarter end, providing new evidence of pent up demand for data by E&P customers to support portfolio rebalancing,” said Chris Usher, ION’s President and Chief Executive Officer. “The first quarter results reflect previously noted near-term uncertainty, however, we continue to believe our U-shaped recovery thesis starting in the back half of the year remains intact. In addition, oil prices improved considerably since the start of the year, generally a leading indicator of increased client spending.”.

It opened the trading session at $2.16, the shares rose to $3.08 and dropped to $2.14, the range by which the price of stock traded the whole day. The daily chart for IO points out that the company has recorded 76.19% gains over the past six months. However, it is still -115.83% lower than its most recent low trading price.

If we look at the average trading volume of 1.17M shares, IO reached to a volume of 29892940 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 0.29, with the Price to Sales ratio for IO stock in the period of the last 12 months amounting to 0.35. Price to Free Cash Flow for IO in the course of the last twelve months was 5.34 with Quick ratio for the last quarter at 0.30.

Trading performance analysis for IO stock

ION Geophysical Corporation [IO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 26.34. With this latest performance, IO shares dropped by -0.38% in over the last four-week period, additionally plugging by 76.19% over the last 6 months – not to mention a rise of 51.46% 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 50.86, with the RSI for the last a single of trading hit 56.67, and the three-weeks RSI is set at 49.11 for ION Geophysical Corporation [IO]. The present Moving Average for the last 50 days of trading for this stock 2.88, while it was recorded at 2.25 for the last single week of trading, and 2.32 for the last 200 days.

ION Geophysical Corporation [IO]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and ION Geophysical Corporation [IO] shares currently have an operating margin of -7.56 and a Gross Margin at +34.91. ION Geophysical Corporation’s Net Margin is presently recorded at -30.34.

Return on Total Capital for IO is now -7.50, given the latest momentum, and Return on Invested Capital for the company is -94.20. Additionally, IO Total Debt to Total Capital is recorded at 162.15, with Total Debt to Total Assets ending up at 97.98.

Reflecting on the efficiency of the workforce at the company, ION Geophysical Corporation [IO] managed to generate an average of -$86,974 per employee. Receivables Turnover for the company is 4.04 with a Total Asset Turnover recorded at a value of 0.57.ION Geophysical Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.30 and a Current Ratio set at 0.30.

ION Geophysical Corporation [IO]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, ION Geophysical Corporation posted -0.16/share EPS, while the average EPS was predicted by analysts to be reported at -0.62/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 74.20%. 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%.

An analysis of insider ownership at ION Geophysical Corporation [IO]

There are presently around $8 million, or 22.10% of IO stock, in the hands of institutional investors. The top three institutional holders of IO stocks are: RENAISSANCE TECHNOLOGIES LLC with ownership of 1,004,267, which is approximately -4.307% of the company’s market cap and around 4.70% of the total institutional ownership; VANGUARD GROUP INC, holding 454,240 shares of the stock with an approximate value of $1.18 million in IO stocks shares; and DEUTSCHE BANK AG, currently with $0.78 million in IO stock with ownership of nearly 0% of the company’s market capitalization.

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Positions in ION Geophysical Corporation stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 11 institutional holders increased their position in ION Geophysical Corporation [NYSE:IO] by around 138,372 shares. Additionally, 21 investors decreased positions by around 673,504 shares, while 10 investors held positions by with 2,124,080 shares. The mentioned changes placed institutional holdings at 2,935,956 shares, according to the latest SEC report filing. IO stock had 4 new institutional investments in for a total of 36,723 shares, while 6 institutional investors sold positions of 205,985 shares during the same period.

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