We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ION Geophysical (IO) to Begin Phase 2 of North Sea Survey Program
Read MoreHide Full Article
ION Geophysical Corporation is all set to commence the second phase of its North Sea 3D multi-client survey program, subsequent to the completion of the initial phase that began in August 2020.
The program covers one of the few inadequately-examined sections of the prolific UK Continental Shelf, which is now an industry-focus area, following the recent play-opening wells with attractive development costs. Notably, the majority of the 11,000 square kilometers survey will be acquired this summer, resulting in a six-times-larger area than the previous phase.
Since the start of the program, additional underwriting was ensured and an extra acreage was awarded within the survey area. This validates the benefits of the program and expands the potential client base for the new data asset. The field data for the additional acreage will be collected from late April to mid-October 2021 with the help of the Shearwater vessel. Notably, ION Geophysical picked Shearwater to acquire the data for the second phase as well.
The North Sea multi-client program reflects the continuous improvement of the company’s major goal to participate in the 3D new acquisition multi-client market. Hence, the extensive second phase will be more substantive and incremental to the company’s earnings.
The survey is significantly higher than any existing 3D data nearby, which offers new environmental insights to inform investment and development decisions for the entire play. On its part, ION Geophysical’s top-tier imaging and Shearwater’s modern acquisition technology developed excellent subsurface images that displayed new insights into this complex Zechstein play.
Company Profile & Price Performance
Headquartered in Houston, ION Geophysical is a leading provider of geophysical technology, services and solutions for the global oil & gas industry.
Shares of the company have underperformed the industry in the past six months. The stock has gained 12.7% compared with the industry’s 47.2% growth.
Zacks Rank & Stocks to Consider
ION Geophysical currently has a Zack Rank #4 (Sell).
Crescent Point’s earnings for 2021 are expected to rise 12.1% year over year.
Diamondback’s earnings for 2021 are expected to rise 13.1% year over year.
Chevron’s earnings for 2021 are expected to increase 13.9% year over year.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
ION Geophysical (IO) to Begin Phase 2 of North Sea Survey Program
ION Geophysical Corporation is all set to commence the second phase of its North Sea 3D multi-client survey program, subsequent to the completion of the initial phase that began in August 2020.
The program covers one of the few inadequately-examined sections of the prolific UK Continental Shelf, which is now an industry-focus area, following the recent play-opening wells with attractive development costs. Notably, the majority of the 11,000 square kilometers survey will be acquired this summer, resulting in a six-times-larger area than the previous phase.
Since the start of the program, additional underwriting was ensured and an extra acreage was awarded within the survey area. This validates the benefits of the program and expands the potential client base for the new data asset. The field data for the additional acreage will be collected from late April to mid-October 2021 with the help of the Shearwater vessel. Notably, ION Geophysical picked Shearwater to acquire the data for the second phase as well.
The North Sea multi-client program reflects the continuous improvement of the company’s major goal to participate in the 3D new acquisition multi-client market. Hence, the extensive second phase will be more substantive and incremental to the company’s earnings.
The survey is significantly higher than any existing 3D data nearby, which offers new environmental insights to inform investment and development decisions for the entire play. On its part, ION Geophysical’s top-tier imaging and Shearwater’s modern acquisition technology developed excellent subsurface images that displayed new insights into this complex Zechstein play.
Company Profile & Price Performance
Headquartered in Houston, ION Geophysical is a leading provider of geophysical technology, services and solutions for the global oil & gas industry.
Shares of the company have underperformed the industry in the past six months. The stock has gained 12.7% compared with the industry’s 47.2% growth.
Zacks Rank & Stocks to Consider
ION Geophysical currently has a Zack Rank #4 (Sell).
Some better-ranked players in the same space are Crescent Point Energy Corporation , Diamondback Energy, Inc. (FANG - Free Report) and Chevron Corporation (CVX - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Crescent Point’s earnings for 2021 are expected to rise 12.1% year over year.
Diamondback’s earnings for 2021 are expected to rise 13.1% year over year.
Chevron’s earnings for 2021 are expected to increase 13.9% year over year.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>