Intrepid Potash (NYSE:IPI) Posts Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Intrepid Potash (NYSE:IPI) announced its earnings results on Wednesday. The basic materials company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.48 by $0.14, FiscalAI reports. Intrepid Potash had a return on equity of 3.93% and a net margin of 3.75%.The company had revenue of $98.69 million for the quarter, compared to analysts’ expectations of $88.30 million.

Intrepid Potash Trading Down 5.9%

Shares of IPI traded down $2.35 on Wednesday, reaching $37.76. 226,178 shares of the company’s stock were exchanged, compared to its average volume of 265,679. The business has a 50 day moving average price of $39.72 and a two-hundred day moving average price of $32.73. Intrepid Potash has a 12 month low of $22.55 and a 12 month high of $50.34. The stock has a market capitalization of $507.06 million, a P/E ratio of 44.42 and a beta of 1.25.

Analyst Ratings Changes

Several equities research analysts have weighed in on IPI shares. Weiss Ratings restated a “sell (d-)” rating on shares of Intrepid Potash in a research report on Thursday, January 22nd. UBS Group raised their price target on shares of Intrepid Potash from $24.00 to $25.00 and gave the company a “sell” rating in a report on Thursday, March 5th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Sell” and an average target price of $25.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its holdings in Intrepid Potash by 197.8% in the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 544 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Intrepid Potash by 80.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company’s stock worth $49,000 after acquiring an additional 607 shares during the last quarter. State of Wyoming bought a new position in Intrepid Potash during the 2nd quarter worth approximately $54,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Intrepid Potash during the fourth quarter valued at approximately $44,000. Finally, Legal & General Group Plc raised its holdings in Intrepid Potash by 123.0% in the second quarter. Legal & General Group Plc now owns 2,112 shares of the basic materials company’s stock worth $75,000 after purchasing an additional 1,165 shares during the period. 56.13% of the stock is currently owned by institutional investors.

About Intrepid Potash

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company’s primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.