Innovex International (NYSE:INVX) Issues Earnings Results

Innovex International (NYSE:INVX) announced its quarterly earnings results on Monday. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05, FiscalAI reports. The firm had revenue of $244.90 million during the quarter, compared to analysts’ expectations of $241.58 million. Innovex International had a net margin of 5.31% and a return on equity of 6.72%.

Innovex International Stock Performance

Shares of NYSE:INVX traded up $0.26 during trading on Monday, reaching $28.34. 401,516 shares of the stock were exchanged, compared to its average volume of 483,781. Innovex International has a 12 month low of $15.60 and a 12 month high of $32.25. The stock has a 50-day moving average price of $26.43 and a 200-day moving average price of $26.17. The company has a current ratio of 5.10, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02. The firm has a market cap of $1.95 billion, a PE ratio of 37.79 and a beta of 0.83.

Wall Street Analyst Weigh In

INVX has been the subject of several recent analyst reports. Zacks Research downgraded shares of Innovex International from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Wall Street Zen lowered Innovex International from a “buy” rating to a “hold” rating in a research note on Saturday. Piper Sandler raised their price objective on Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Barclays lifted their target price on Innovex International from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Finally, Weiss Ratings lowered Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Innovex International has a consensus rating of “Moderate Buy” and an average target price of $32.25.

Insider Buying and Selling at Innovex International

In other news, insider Mark Reddout sold 10,750 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $28.00, for a total transaction of $301,000.00. Following the transaction, the insider owned 134,312 shares in the company, valued at approximately $3,760,736. This trade represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 34.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new position in Innovex International during the 4th quarter worth $55,000. Tower Research Capital LLC TRC boosted its position in shares of Innovex International by 418.1% in the second quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company’s stock valued at $55,000 after acquiring an additional 2,843 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of Innovex International by 2,334.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,868 shares of the company’s stock valued at $106,000 after acquiring an additional 4,668 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Innovex International in the fourth quarter valued at about $209,000. Finally, State Board of Administration of Florida Retirement System bought a new position in Innovex International during the fourth quarter worth about $213,000.

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.