Innovex International (NYSE:INVX) Announces Earnings Results

Innovex International (NYSE:INVX) issued its earnings results on Monday. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.31 by $0.05, FiscalAI reports. Innovex International had a net margin of 6.17% and a return on equity of 7.15%. The company had revenue of $244.90 million during the quarter, compared to analysts’ expectations of $241.58 million.

Innovex International Price Performance

NYSE:INVX opened at $31.51 on Wednesday. The company has a quick ratio of 3.38, a current ratio of 5.10 and a debt-to-equity ratio of 0.02. Innovex International has a 12-month low of $15.76 and a 12-month high of $33.71. The stock’s 50 day moving average price is $26.44 and its two-hundred day moving average price is $26.25. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 42.02 and a beta of 0.83.

Analyst Ratings Changes

A number of research firms recently commented on INVX. Zacks Research downgraded Innovex International from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Jefferies Financial Group upgraded Innovex International to a “strong-buy” rating in a report on Friday, June 12th. Barclays upped their price target on Innovex International from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Wall Street Zen lowered shares of Innovex International from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Piper Sandler lifted their price objective on Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.25.

Insider Buying and Selling

In other news, insider Mark Reddout sold 10,750 shares of the stock in a transaction dated 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 of the company’s stock, valued at $3,760,736. This 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 can be accessed through this link. 34.90% of the stock is currently owned by company insiders.

Institutional Trading of Innovex International

Several institutional investors have recently added to or reduced their stakes in INVX. Wellington Management Group LLP boosted its position in shares of Innovex International by 52.4% in the third quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company’s stock valued at $45,141,000 after acquiring an additional 837,027 shares during the period. Bridgeway Capital Management LLC increased 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 buying an additional 271,247 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Innovex International by 12.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,153,272 shares of the company’s stock worth $39,921,000 after acquiring an additional 230,393 shares during the last quarter. Gendell Jeffrey L increased its position in Innovex International by 103.0% in the 4th quarter. Gendell Jeffrey L now owns 392,311 shares of the company’s stock valued at $8,580,000 after acquiring an additional 199,099 shares during the period. Finally, First Trust Advisors LP bought a new position in shares of Innovex International during the second quarter valued at $2,871,000.

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.