Innovex International, Inc. (NYSE:INVX) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Innovex International, with two buy ratings, one strong-buy rating and three holds. The average 12-month price target is $32.75, above the reported $27.31 opening price.
• Innovex exceeded quarterly expectations, reporting EPS of $0.36 versus the $0.31 consensus and revenue of $244.9 million compared with estimates of $241.58 million.
• Insiders sold nearly 10 million shares worth about $286.1 million over the past three months, while major institutions including BlackRock and Dimensional Fund Advisors established or increased positions.

Shares of Innovex International, Inc. (NYSE:INVX - Get Free Report) have received an average recommendation of "Moderate Buy" from the six analysts that are covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $32.75.

A number of analysts have recently issued reports on the stock. Wall Street Zen cut shares of Innovex International from a "buy" rating to a "hold" rating in a research note on Monday, August 17th. Weiss Ratings upgraded shares of Innovex International from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Zacks Research lowered Innovex International from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 17th. Citigroup boosted their price target on Innovex International from $35.00 to $36.00 and gave the stock a "buy" rating in a report on Wednesday, August 26th. Finally, Barclays upped their price target on shares of Innovex International from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th.

Innovex International Stock Performance

Shares of INVX opened at $27.31 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.01 and a quick ratio of 3.32. The firm has a 50-day moving average of $28.79 and a 200-day moving average of $27.27. The company has a market cap of $1.91 billion, a PE ratio of 30.69 and a beta of 0.87. Innovex International has a one year low of $16.75 and a one year high of $33.71.

Innovex International (NYSE:INVX - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. Innovex International had a return on equity of 7.12% and a net margin of 6.17%.The firm had revenue of $244.90 million for the quarter, compared to analyst estimates of $241.58 million.

Insider Activity

In other news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of Innovex International 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 transaction, the director owned 311 shares in the company, valued at approximately $8,928.81. The trade was a 99.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark Reddout sold 10,000 shares of Innovex International 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 transaction, the insider owned 124,312 shares in the company, valued at approximately $3,729,360. This trade represents a 7.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 9,964,467 shares of company stock valued at $286,092,748. 34.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Innovex International

Large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Innovex International during the second quarter valued at about $160,389,000. Dimensional Fund Advisors LP boosted its position in Innovex International by 14.5% in 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 last quarter. Bank of America Corp DE purchased a new position in Innovex International in the second quarter worth $16,540,000. William Blair Investment Management LLC bought a new position in Innovex International in the 2nd quarter valued at $11,492,000. Finally, Heartland Advisors Inc. bought a new position in Innovex International in the 2nd quarter valued at $11,020,000.

Innovex International Company Profile

Innovex International, Inc NYSE: INVX is an energy technology and oilfield services company that develops and supplies equipment and solutions for the upstream oil and gas industry. Its products are designed to support well construction, completion, production and integrity throughout the life cycle of a well.

The company's offerings include downhole tools, completion equipment, wellhead and well-control systems, production technologies, and other specialized products used by exploration and production companies and oilfield service providers.

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