Oppenheimer analyst Colin Rusch maintained a Hold rating on Ion Geophysical Corp (IO) today. The company’s shares opened today at $10.38.
Rusch observed:
“IO posted results ahead of expectations for 4Q:18 on a non-GAAP basis. The company continues to evolve its offerings with the write down of its cable-based ocean bottom fixed assets as well as the introduction of a 2D multi-client library of maps of offshore Brazil. We continue to be optimistic on the prospects of IO’s Marlin offering which remains in the early days of its revenue ramp. We believe the company will likely have an opportunity to lower its debt expense, especially if the macro environment improves. We remain on the sidelines given limited visibility to end-market growth noting we are lowering estimates materially in this report.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 9.9% and a 49.1% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Amer Superconductor, Canadian Solar Inc, and Fuelcell Energy.
The word on The Street in general, suggests a Hold analyst consensus rating for Ion Geophysical Corp.
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The company has a one-year high of $32.45 and a one-year low of $4.53. Currently, Ion Geophysical Corp has an average volume of 154.6K.
Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IO in relation to earlier this year.
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ION Geophysical Corp. is a technology focused company, which engages in the provision of geoscience technology, services, and solutions to the oil and gas industry. It operates through the following business segments: E&P Technology and Services, E&P Operations Optimization, and Ocean Bottom Seismic Services.
