Oppenheimer Remains a Buy on Ion Geophysical Corp


In a report released today, Colin Rusch from Oppenheimer maintained a Buy rating on Ion Geophysical Corp (NYSE: IO), with a price target of $35. The company’s shares closed yesterday at $27.80, close to its 52-week high of $32.45.

Rusch said:

“While 1Q:18 results disappointed Street expectations on a late start to purchase decisions, particularly on data library sales, IO continues to make material progress evolving its business. Backlog grew 40% Y/Y to $35M and IO indicated it is working on 13 multi-client programs vs. 6 last year and expects an incremental 6 programs to begin in 2018. We are closely watching the Marlin enterprise platform rollout. We expect to see a pilot project before year-end and believe results from such a program could prove a key indicator of growth velocity for Marlin and potential for incremental operating leverage over the long term. We remain bullish on shares as we believe limited visibility can lead to lumpy results but that IO is well positioned for sustained growth.”

According to TipRanks.com, Rusch is a 5-star analyst with an average return of 13.4% and a 52.1% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.

Ion Geophysical Corp has an analyst consensus of Moderate Buy, with a price target consensus of $35.

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Based on Ion Geophysical Corp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $33.51 million and GAAP net loss of $18.43 million. In comparison, last year the company earned revenue of $32.56 million and had a GAAP net loss of $23.34 million.

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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.

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