In a report released yesterday, Colin Rusch from Oppenheimer maintained a Buy rating on Ion Geophysical Corp (NYSE: IO), with a price target of $26. The company’s shares closed yesterday at $18.10.
Rusch said:
“With IO missing numbers badly as customers push out investments in offshore exploration resources toward the end of the year, we believe it is prudent to lower estimates as we believe negotiations may become more aggressive and timelines may extend further. We continue to see a constructive backdrop for IO’s map offerings as well as meaningful growth opportunities for its Marlin solution. While we lower our price target and take a more conservative view on growth, we continue to believe fundamentals are in place for meaningful growth for IO and significant earnings leverage. We remain constructive on shares despite the disappointing results in 1H:18.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 14.4% and a 49.3% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.
The word on The Street in general, suggests a Moderate Buy 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 $3.60. Currently, Ion Geophysical Corp has an average volume of 242.7K.
Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is neutral on the stock.
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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.
