Jefferies & Company Maintains ION Geophysical Corporation Rating

ION Geophysical Corporation IO delivered strong 3Q results owing to excellent multi-client results, while partially offset by continued weakness in its land equipment business (INOVA JV), and weak GOM activity, Jefferies & Company reports. “We expect shares to react well to 3Q earnings and positive comments about 4Q multi-client activity,” Jefferies & Company writes, noting that it maintains its Hold rating. “IO expects data library sales to return to a more normal seasonal pattern in 4Q, which is typically strong.” ION Geophysical Corporation currently trades at $5.11.