Innovex International (NYSE:INVX) Trading Up 12.2% After Strong Earnings

Innovex International, Inc. (NYSE:INVX)’s stock price shot up 12.2% during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $31.69 and last traded at $31.7580. 263,181 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 481,219 shares. The stock had previously closed at $28.30.

The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. The company had revenue of $244.90 million for the quarter, compared to analyst estimates of $241.58 million. Innovex International had a net margin of 5.31% and a return on equity of 6.72%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on INVX shares. Weiss Ratings downgraded Innovex International from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Barclays increased their price objective on Innovex International from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Zacks Research cut Innovex International from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Jefferies Financial Group raised shares of Innovex International to a “strong-buy” rating in a report on Friday, June 12th. Finally, Citigroup assumed coverage on shares of Innovex International in a research note on Thursday, May 7th. They set a “buy” rating and a $35.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.25.

Insider Buying and Selling at Innovex International

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

Hedge Funds Weigh In On Innovex International

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Simcoe Capital LLC bought a new stake in Innovex International in the 4th quarter worth $3,625,000. Hussman Strategic Advisors Inc. bought a new position in shares of Innovex International during the fourth quarter valued at about $919,000. Royce & Associates LP bought a new position in shares of Innovex International during the fourth quarter valued at about $415,000. Avidian Wealth Enterprises LLC purchased a new stake in shares of Innovex International during the fourth quarter worth about $5,821,000. Finally, Dimensional Fund Advisors LP boosted 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 period.

Innovex International Stock Up 12.2%

The company has a debt-to-equity ratio of 0.02, a current ratio of 5.10 and a quick ratio of 3.38. The company has a market capitalization of $2.18 billion, a P/E ratio of 42.46 and a beta of 0.83. The company has a 50 day moving average of $26.40 and a 200-day moving average of $26.20.

Innovex International Company Profile

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.