BlackRock Inc. Makes New $160.39 Million Investment in Innovex International, Inc. $INVX

Key Points

• BlackRock acquired 6.47 million Innovex International shares worth approximately $160.4 million, giving it about a 9.25% stake in the oil-and-gas solutions company.
• Innovex reported quarterly earnings of $0.36 per share, beating estimates by $0.05, while revenue of $244.9 million also exceeded expectations. Shares opened at $30.10, up 0.9%.
• Insiders sold nearly 10 million shares worth about $286.4 million over the past three months, including a 5-million-share sale by Amberjack Capital Partners. Analysts maintain a “Moderate Buy” consensus with an average price target of $32.75.

BlackRock Inc. acquired a new position in shares of Innovex International, Inc. (NYSE:INVX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 6,467,302 shares of the company's stock, valued at approximately $160,389,000. BlackRock Inc. owned about 9.25% of Innovex International as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in INVX. Strs Ohio acquired a new stake in shares of Innovex International in the fourth quarter worth approximately $44,000. USA Financial Formulas purchased a new stake in Innovex International during the first quarter valued at about $53,000. Aster Capital Management DIFC Ltd purchased a new stake in Innovex International during the fourth quarter valued at about $55,000. Tower Research Capital LLC TRC increased its position in Innovex International by 418.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company's stock worth $55,000 after purchasing an additional 2,843 shares in the last quarter. Finally, Covestor Ltd increased its position in Innovex International by 77.7% during the 4th quarter. Covestor Ltd now owns 3,284 shares of the company's stock worth $72,000 after purchasing an additional 1,436 shares in the last quarter.

Innovex International Stock Up 0.9%

Shares of Innovex International stock opened at $30.10 on Friday. The business has a 50-day moving average price of $27.24 and a 200 day moving average price of $26.84. Innovex International, Inc. has a fifty-two week low of $16.29 and a fifty-two week high of $33.71. The firm has a market cap of $2.11 billion, a P/E ratio of 33.82 and a beta of 0.83. The company has a quick ratio of 3.32, a current ratio of 5.01 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.31 by $0.05. The business had revenue of $244.90 million during the quarter, compared to the consensus estimate of $241.58 million. Innovex International had a return on equity of 7.12% and a net margin of 6.17%. On average, sell-side analysts forecast that Innovex International, Inc. will post 1.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $28.71, for a total value of $143,550,000.00. Following the transaction, the director directly owned 311 shares in the company, valued at approximately $8,928.81. This trade represents a 99.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark Reddout sold 10,000 shares of the stock in a transaction dated 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 approximately $3,729,360. This trade represents a 7.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 9,975,217 shares of company stock valued at $286,393,748. Company insiders own 34.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on INVX shares. Barclays lifted their price target on shares of Innovex International from $26.00 to $27.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 11th. Zacks Research cut shares of Innovex International from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Citigroup raised their price objective on Innovex International from $35.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday. Piper Sandler raised their price objective on Innovex International from $33.00 to $34.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. Finally, Jefferies Financial Group upgraded Innovex International to a "strong-buy" rating in a research note on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $32.75.

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.

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