Innovex International (NYSE:INVX) Shares Gap Up – Still a Buy?

Innovex International, Inc. (NYSE:INVX) gapped up prior to trading on Monday. The stock had previously closed at $27.93, but opened at $29.60. Innovex International shares last traded at $30.14, with a volume of 10,966 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have commented on INVX. Weiss Ratings upgraded shares of Innovex International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Zacks Research lowered Innovex International from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Wall Street Zen cut Innovex International from a “buy” rating to a “hold” rating in a report on Monday, August 17th. JPMorgan Chase & Co. began coverage on Innovex International in a report on Tuesday. They issued a “neutral” rating and a $33.00 target price on the stock. Finally, Citigroup boosted their target price on Innovex International from $35.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Innovex International presently has an average rating of “Moderate Buy” and a consensus target price of $32.80.

Innovex International Price Performance

The business’s fifty day moving average is $28.92 and its two-hundred day moving average is $27.06.

Innovex International (NYSE:INVX) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The business had revenue of $244.90 million for the quarter, compared to analysts’ expectations of $241.58 million. As a group, research analysts predict that Innovex International, Inc. will post 1.44 EPS for the current year.

Insider Activity at Innovex International

In other Innovex International news, insider Mark Reddout sold 10,000 shares of Innovex International stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the transaction, the insider directly owned 124,312 shares of the company’s stock, valued at $3,729,360. The trade was a 7.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $28.71, for a total transaction of $143,550,000.00. Following the completion of the sale, the director directly owned 311 shares in the company, valued at approximately $8,928.81. This represents a 99.99% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 9,964,467 shares of company stock worth $286,092,748. Company insiders own 34.90% of the company’s stock.

Institutional Investors Weigh In On Innovex International

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Innovex International in the 2nd quarter worth $160,389,000. Bank of America Corp DE acquired a new stake in Innovex International in the second quarter worth about $16,540,000. William Blair Investment Management LLC purchased a new stake in shares of Innovex International during the second quarter worth about $11,492,000. Heartland Advisors Inc. purchased a new stake in shares of Innovex International during the second quarter worth about $11,020,000. Finally, Dimensional Fund Advisors LP grew its stake 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 acquiring an additional 335,839 shares during the last quarter.

About Innovex International

Innovex International, Inc is an energy technology and oilfield equipment company that provides products and services used throughout the life cycle of oil and natural gas wells. Its offerings support drilling, completion, production, intervention and other well-construction and well-maintenance activities for operators and oilfield service companies.

The company’s portfolio includes downhole tools and technologies, completion equipment, wellhead and production systems, and equipment used in onshore and offshore applications.