Innovex International (NYSE:INVX) Issues Quarterly Earnings Results

Key Points

• Innovex International reported quarterly EPS of $0.37, missing the $0.39 analyst consensus, while revenue of $265.05 million was slightly below estimates of $265.64 million. Net margin was 6.17% and return on equity was 7.12%.
• Shares fell $0.38 to $30.00 following the results. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $32.80, although several firms recently downgraded the stock to “Hold” or assigned “Neutral” ratings.
• Insiders sold nearly 10 million shares worth $286.1 million during the last quarter, including a director’s sale of 4.95 million shares; insiders retain a 34.9% ownership stake.

Innovex International (NYSE:INVX - Get Free Report) announced its quarterly earnings results on Thursday. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.02), FiscalAI reports. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. The company had revenue of $265.05 million for the quarter, compared to analyst estimates of $265.64 million.

Innovex International Stock Performance

INVX traded down $0.38 on Thursday, hitting $30.00. 744,482 shares of the stock traded hands, compared to its average volume of 605,354. Innovex International has a 52 week low of $19.07 and a 52 week high of $33.71. 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 firm has a market capitalization of $2.10 billion, a PE ratio of 28.12 and a beta of 0.92. The business has a fifty day moving average price of $28.94 and a two-hundred day moving average price of $27.13.

Analyst Ratings Changes

Several analysts recently issued reports on INVX shares. Wall Street Zen downgraded shares of Innovex International from a "buy" rating to a "hold" rating in a report on Monday, August 17th. Barclays lifted their target price 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. Citigroup upped their price target on shares of Innovex International from $35.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, August 26th. Zacks Research downgraded Innovex International from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. assumed coverage on Innovex International in a research note on Tuesday. They issued a "neutral" rating and a $33.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.80.

Insider Buying and Selling at Innovex International

In related news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the firm's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $28.71, for a total value of $142,242,747.57. Following the completion of the transaction, the director directly owned 311 shares of the company's stock, valued at $8,928.81. This trade represents 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 available through this hyperlink. 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 sale, the insider owned 124,312 shares in the company, valued at $3,729,360. This represents a 7.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,964,467 shares of company stock valued at $286,092,748 in the last quarter. Corporate insiders own 34.90% of the company's stock.

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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