UPDATE: H.C. Wainwright Starts ION Geophysical (IO) at Buy
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H.C. Wainwright analyst Amit Dayal initiates coverage on ION Geophysical (NYSE: IO) with a Buy rating and a price target of $4.00.
The analyst comments "ION offers a suite of products and services primarily catering to the oil and gas exploration and production (E&P) market currently, but is actively diversifying into adjacent markets such as ports and harbors. Within the E&P segment (72% of revenues) the company provides advanced data processing, imaging solutions, and advisory services designed to help E&P companies evaluate reservoirs and reduce exploration and production risks. ION’s global library consists of over 714,000 km of 2D and over 350,000 sq. km of 3D multi-client seismic data covering all major global offshore petroleum provinces. Within its Operations Optimization segment (28% of revenues) the company provides offshore operational control related subscription offerings and engineering services."
Shares of ION Geophysical closed at $2.67 yesterday.
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