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Is Ion Geophysical a Winner in the Oil & Gas Equipment & Services Industry? By StockNews

Is Ion Geophysical a Winner in the Oil & Gas Equipment & Services Industry? Is Ion Geophysical a Winner in the Oil & Gas Equipment & Services Industry?

Shares of ION Geophysical (IO), a company that does business in a niche area of the oil and gas equipment and services industry, have soared in price over the past month. But is it wise to bet on the stock now even though the company is considering strategic alternatives, such as selling assets to strengthen its financial position? Read on.Technology-focused ION Geophysical Corporation (IO) provides geophysical technology, services, and solutions to the global oil and gas industry. The shares of the Houston, Tex.-based company have surged 31.4% in price over the past month to close yesterday’s trading session at $1.34.

In June 2021, the company announced the commencement of a second, significantly larger phase of its 11,000 sq km North Sea 3D multi-client program. However, the stock has lost 34% in price over the past three months and 50.6% over the past six months.

IO also has a history of long-term share price weakness. IO has lost 91% over the past three years and 76.5% over the past five years. In addition, its revenue and total assets have declined at CAGRs of 24.2% and 11.2%, respectively, over the past three years. IO also announced on September 15 that it is considering sales of assets, private or public equity transactions, debt financing, or some combination of these to strengthen its financial position. So, its near-term prospects look bleak.

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