Intrepid Potash (NYSE:IPI) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Intrepid Potash from “hold” to “strong buy,” while other analysts remain divided; the stock carries a consensus “moderate buy” rating and a $29 price target.
• Intrepid Potash shares opened at $41.21, with a $554.7 million market capitalization and a 12-month trading range of $22.55 to $50.34.
• The company reported quarterly EPS of $0.56, missing the $0.78 consensus estimate, though revenue of $66.69 million exceeded expectations. Institutional investors own approximately 56.1% of the stock.

Intrepid Potash (NYSE:IPI - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Tuesday, Zacks reports.

A number of other analysts have also recently weighed in on the stock. UBS Group increased their price target on shares of Intrepid Potash from $26.00 to $29.00 and gave the stock a "sell" rating in a research note on Wednesday, August 12th. Freedom Capital upgraded shares of Intrepid Potash to a "strong-buy" rating in a research note on Friday, July 24th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Intrepid Potash in a report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $29.00.

Intrepid Potash Trading Down 0.8%

Shares of NYSE IPI opened at $41.21 on Tuesday. The stock has a market cap of $554.66 million, a P/E ratio of 20.81 and a beta of 1.26. Intrepid Potash has a twelve month low of $22.55 and a twelve month high of $50.34. The stock has a 50 day moving average of $36.33 and a two-hundred day moving average of $37.78.

Intrepid Potash (NYSE:IPI - Get Free Report) last announced its earnings results on Tuesday, August 4th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.22). The business had revenue of $66.69 million for the quarter, compared to analysts' expectations of $64.86 million. Intrepid Potash had a return on equity of 4.74% and a net margin of 8.94%. As a group, research analysts predict that Intrepid Potash will post 1.86 earnings per share for the current year.

Institutional Investors Weigh In On Intrepid Potash

Several large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Intrepid Potash in the 2nd quarter valued at $37,879,000. Gate City Capital Management LLC increased its stake in Intrepid Potash by 338.6% in the 4th quarter. Gate City Capital Management LLC now owns 914,026 shares of the basic materials company's stock valued at $25,346,000 after buying an additional 705,638 shares during the period. Dimensional Fund Advisors LP increased its stake in Intrepid Potash by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 734,413 shares of the basic materials company's stock valued at $31,413,000 after buying an additional 16,813 shares during the period. Vanguard Group Inc. raised its position in Intrepid Potash by 12.6% during the 3rd quarter. Vanguard Group Inc. now owns 726,027 shares of the basic materials company's stock worth $22,202,000 after buying an additional 81,121 shares during the last quarter. Finally, Goehring & Rozencwajg Associates LLC raised its position in Intrepid Potash by 21.8% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 267,097 shares of the basic materials company's stock worth $11,424,000 after buying an additional 47,781 shares during the last quarter. Hedge funds and other institutional investors own 56.13% of the company's stock.

About Intrepid Potash

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company's primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.

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