Innovex International (NYSE:INVX) Coverage Initiated by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan initiated coverage of Innovex International with a “neutral” rating and a $33 price target, implying approximately 7.35% upside from the reported current price.
• Analyst sentiment remains moderately positive overall, with MarketBeat reporting an average “Moderate Buy” rating and an average price target of $32.80.
• Innovex exceeded quarterly expectations, reporting $0.36 in EPS versus a $0.31 consensus estimate and $244.9 million in revenue; however, insiders sold nearly 10 million shares worth about $286.1 million over the past 90 days.

Research analysts at JPMorgan Chase & Co. initiated coverage on shares of Innovex International (NYSE:INVX - Get Free Report) in a research report issued to clients and investors on Tuesday, Briefing.com reports. The firm set a "neutral" rating and a $33.00 price target on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 7.35% from the stock's current price.

INVX has been the topic of a number of other research reports. Zacks Research cut shares of Innovex International from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 17th. Citigroup raised their target price on shares of Innovex International from $35.00 to $36.00 and gave the company a "buy" rating in a research note on Wednesday, August 26th. Wall Street Zen downgraded Innovex International from a "buy" rating to a "hold" rating in a research report on Monday, August 17th. Barclays raised their price target on Innovex International from $26.00 to $27.00 and gave the company an "equal weight" rating in a report on Tuesday, August 11th. Finally, Weiss Ratings raised Innovex International from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. One investment 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $32.80.

Innovex International Stock Up 2.8%

Shares of Innovex International stock opened at $30.74 on Tuesday. The company's fifty day simple moving average is $28.91 and its two-hundred day simple moving average is $27.01. The company has a current ratio of 5.01, a quick ratio of 3.32 and a debt-to-equity ratio of 0.02. The company has a market cap of $2.15 billion, a P/E ratio of 34.54 and a beta of 0.92. Innovex International has a 12-month low of $19.07 and a 12-month high of $33.71.

Innovex International (NYSE:INVX - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.05. The firm had revenue of $244.90 million during the quarter, compared to analyst estimates of $241.58 million. Innovex International had a return on equity of 7.12% and a net margin of 6.17%. Research analysts anticipate that Innovex International will post 1.44 EPS for the current year.

Insider Buying and Selling at Innovex International

In other news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 311 shares of the company's stock, valued at $8,928.81. This trade represents a 99.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark Reddout sold 10,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the sale, the insider directly owned 124,312 shares in the company, valued at $3,729,360. This trade represents a 7.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 9,964,467 shares of company stock valued at $286,092,748. 34.90% of the stock is owned by company insiders.

Institutional Trading of Innovex International

A number of institutional investors have recently made changes to their positions in the company. Freestone Grove Partners LP purchased a new position in shares of Innovex International in the second quarter worth about $43,000. USA Financial Formulas purchased a new position in Innovex International during the first quarter worth about $53,000. Global Retirement Partners LLC acquired a new position in Innovex International in the second quarter valued at approximately $122,000. Quantinno Capital Management LP purchased a new position in shares of Innovex International during the 1st quarter worth $215,000. Finally, Summit Global Investments acquired a new position in Innovex International in the second quarter valued at about $222,000.

Innovex International Company Profile

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.

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