Intrepid Potash (NYSE:IPI) Posts Earnings Results, Misses Estimates By $0.02 EPS

Intrepid Potash (NYSE:IPI) issued its quarterly earnings results on Wednesday. The basic materials company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02), Zacks reports. The firm had revenue of $53.22 million for the quarter, compared to analysts’ expectations of $49.54 million. Intrepid Potash had a negative net margin of 71.13% and a positive return on equity of 1.48%.

Intrepid Potash Trading Down 7.5%

Shares of NYSE IPI traded down $1.97 during trading on Thursday, reaching $24.21. 115,489 shares of the company traded hands, compared to its average volume of 174,584. Intrepid Potash has a 12-month low of $20.86 and a 12-month high of $39.01. The stock has a market cap of $322.35 million, a P/E ratio of -1.55 and a beta of 1.79. The firm’s fifty day simple moving average is $28.71 and its 200 day simple moving average is $32.39.

Institutional Trading of Intrepid Potash

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IPI. EverSource Wealth Advisors LLC grew its stake in shares of Intrepid Potash by 197.8% during the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 544 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Intrepid Potash by 80.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 607 shares during the last quarter. State of Wyoming acquired a new stake in Intrepid Potash during the second quarter worth approximately $54,000. Legal & General Group Plc raised its stake in shares of Intrepid Potash by 123.0% in the 2nd quarter. Legal & General Group Plc now owns 2,112 shares of the basic materials company’s stock valued at $75,000 after acquiring an additional 1,165 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Intrepid Potash during the 2nd quarter valued at $175,000. Hedge funds and other institutional investors own 56.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Zacks Research lowered Intrepid Potash from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. UBS Group reduced their price objective on Intrepid Potash from $24.00 to $23.00 and set a “sell” rating on the stock in a research report on Thursday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Intrepid Potash in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Intrepid Potash from a “hold” rating to a “buy” rating in a research report on Friday, August 22nd. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Intrepid Potash has a consensus rating of “Sell” and a consensus price target of $23.00.

About Intrepid Potash

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.