uploads///Correlation

ION Geophysical Reacts to Crude Oil

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Nov. 20 2020, Updated 12:19 p.m. ET

Correlation between ION Geophysical and crude oil

ION Geophysical’s (IO) correlation with crude oil on April 19–July 19 was 0.30. The correlation represents a positive relationship between ION Geophysical stock and crude oil prices. Check out all the data we have added to our quote pages. Now you can get a valuation snapshot, earnings and revenue estimates, and historical data as well as dividend info. Take a look!

The VanEck Vectors Oil Services ETF’s (OIH) correlation coefficient with crude oil since April 19 was 0.66. OIH’s correlation with crude oil was higher in the past three months compared to OIH’s correlation with crude oil on January 1–July 19.

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Implication

The WTI crude oil price has risen significantly since the end of June 2017. A positive correlation can benefit ION Geophysical’s stock price if crude oil rises. ION Geophysical’s correlation with crude oil prices became positive in the past three months compared to the negative correlation with crude oil year-to-date. A negative correlation implies that the stock’s price has moved inversely to crude oil prices on a daily basis.

Correlation between OFS companies and crude oil

In the past three months, Halliburton’s (HAL) correlation with crude oil was 0.62—the highest in the OFS (oilfield equipment and services) industry. In comparison, Weatherford International’s (WFT) correlation with crude oil was -0.35—the lowest correlation in the past three months. Flotek Industries’ (FTK) correlation with crude oil was 0.04, which was close to zero in the past three months.

Next, we will discuss the short interest in ION Geophysical.

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