Innovex International (NYSE:INVX) Rating Increased to Strong-Buy at Citigroup

Citigroup upgraded shares of Innovex International (NYSE:INVX) to a strong-buy rating in a report released on Wednesday,Zacks.com reports.

Several other research firms have also weighed in on INVX. Barclays upped their target price on shares of Innovex International from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday. Zacks Research cut shares of Innovex International from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 4th. Finally, Weiss Ratings downgraded shares of Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, February 27th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.33.

Innovex International Price Performance

NYSE:INVX opened at $26.59 on Wednesday. The stock has a market cap of $1.83 billion, a P/E ratio of 35.46 and a beta of 0.84. Innovex International has a one year low of $13.44 and a one year high of $29.48. The company has a fifty day moving average price of $25.94 and a 200 day moving average price of $23.97. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.10 and a quick ratio of 3.24.

Innovex International (NYSE:INVX) last announced its quarterly earnings results on Monday, February 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.09). Innovex International had a net margin of 5.31% and a return on equity of 6.72%. The business had revenue of $273.60 million during the quarter, compared to the consensus estimate of $240.00 million. Analysts anticipate that Innovex International will post 1.32 earnings per share for the current year.

Insider Activity

In other Innovex International news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of Innovex International stock in a transaction on Friday, February 27th. The shares were sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the completion of the transaction, the director directly owned 399 shares of the company’s stock, valued at $9,811.41. The trade was a 99.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Amberjack Capital Partners, L. sold 6,612,500 shares of Innovex International stock in a transaction on Friday, February 27th. The stock was sold at an average price of $24.59, for a total value of $162,601,375.00. Following the sale, the director directly owned 399 shares of the company’s stock, valued at $9,811.41. This represents a 99.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 13,257,078 shares of company stock worth $326,097,112 over the last ninety days. Insiders own 34.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP raised its stake in Innovex International by 52.4% during the third quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company’s stock worth $45,141,000 after acquiring an additional 837,027 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Innovex International during the fourth quarter worth about $12,702,000. Dimensional Fund Advisors LP grew its holdings in shares of Innovex International by 14.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company’s stock worth $64,544,000 after purchasing an additional 335,839 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Innovex International by 371.9% during the second quarter. Bridgeway Capital Management LLC now owns 344,178 shares of the company’s stock worth $5,376,000 after purchasing an additional 271,247 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC bought a new stake in shares of Innovex International during the fourth quarter worth about $5,821,000.

About Innovex International

Innovex International, Inc engages in the provision of solutions for both onshore and offshore applications within the oil and gas industry. The company was founded on September 15, 2016 and is headquartered in Humble, TX.