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IO

ION Geophysical

$9.86

0.13 (1.34%)

16:19
01/11/19
01/11
16:19
01/11/19
16:19

Federal Circuit Court vacates $93M lost profits award against ION Geophysical

ION Geophysical announced that the Federal Circuit Court of Appeals in Washington, D.C. has again vacated the judgment that would have required ION to pay more than $93M to WesternGeco for lost profits from surveys performed by ION's customers outside of the United States. The Federal Circuit Court had the case on remand from the United States Supreme Court, which, in June, ordered the Federal Circuit to determine whether it was appropriate to reinstate the jury's verdict for lost profits in this case. The lost profits stem from a verdict that ION infringed several patent claims held by WesternGeco. Since the jury verdict, a majority of the patent claims have been found to be invalid by the Patent and Trademark Office and the Federal Circuit Court, meaning that the patents underlying the claims should never have been granted. Of the patent claims that were not invalidated, only one is asserted by WesternGeco to have supported the lost profits award. In its ruling, the Federal Circuit Court remanded to the United States District Court for the Southern District of Texas to determine whether to hold a new trial as to lost profits. The Federal Circuit Court held that the lost profits award can be reinstated by the District Court if the existing trial record establishes that the jury must have found that the technology covered by the one remaining patent claim was essential for performing the surveys upon which lost profits were based. If the District Court concludes that WesternGeco established at trial, with undisputed evidence, that the remaining claim covers technology that was necessary to perform the surveys, then the District Court may deny a new trial and reinstate lost profits. Otherwise, the District Court must order a new trial.

IO ION Geophysical
$9.86

0.13 (1.34%)

05/29/18
05/29/18
NO CHANGE
Target $35

Buy
Janney Capital says ION Geophysical shares still cheap, starts at Buy
As previously reported, Janney Capital analyst Akil Marsh started ION Geophysical with a Buy rating and $35 fair value estimate, contending that the stock's valuation is still cheap despite shares having risen considerably over the last year. ION is well positioned to benefit from rising offshore seismic spending and the current share price gives little credit for future Ocean Bottom Seismic revenue, long-term diversification and continued debt reduction, Marsh tells investors.
08/03/18
OPCO
08/03/18
NO CHANGE
Target $26
OPCO
Outperform
ION Geophysical price target cut to $26 from $35 at Oppenheimer
Oppenheimer analyst Colin Rusch maintained an Outperform rating on ION Geophysical, but lowered his price target to $26 based on 6.0x EV/EBITDA his 2019E EBITDA of $79. ION currently trades at about 50% below peer averages, but believes it should trade at a lower discount given improving market fundamentals, as well as its strong position and growth opportunities in seismic software and data processing.
11/01/18
OPCO
11/01/18
DOWNGRADE
OPCO
Perform
ION Geophysical downgraded to Perform from Outperform at Oppenheimer
11/02/18
OPCO
11/02/18
DOWNGRADE
OPCO
Perform
ION Geophysical downgraded to Perform from Outperform at Oppenheimer
As previously reported, Oppenheimer analyst Colin Rusch downgraded ION Geophysical to Perform from Outperform following the company's Q3 results. As IO waits for bid rounds in Panama and Mexico to move forward, it appears to be controlling what it can effectively, despite more challenging than expected industry dynamics, Rusch tells investors in a research note. However, with the stock down about 70% from its recent high, Rusch says management's new stock compensation plan "may not sit well" with some investors as management is pricing RSUs after a large sell-off in front of a seasonally strong quarter. He moves to the sidelines given political uncertainty and limited visibility to revenue growth

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