Innovex International (NYSE:INVX) Rating Increased to Strong-Buy at Citigroup

Key Points

• Citigroup upgraded Innovex International to a “strong-buy” rating, adding a bullish call amid mixed analyst sentiment on the stock.
• The broader analyst view remains cautious overall, with the consensus rating at Moderate Buy and an average price target of $29.33; Barclays recently raised its target to $26 while other firms issued downgrades.
• Innovex reported Q1 earnings of $0.20 per share, missing estimates, but revenue of $273.6 million topped expectations; the stock was trading around $26.59, near its 52-week high.

Innovex International (NYSE:INVX - Get Free Report) was upgraded by equities research analysts at Citigroup to a "strong-buy" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

INVX has been the subject of several other reports. Zacks Research lowered shares of Innovex International from a "hold" rating to a "strong sell" rating in a report on Wednesday, March 4th. Weiss Ratings lowered shares of Innovex International from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, February 27th. Finally, Barclays lifted their price target on shares of Innovex International from $24.00 to $26.00 and gave the company an "equal weight" rating in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $29.33.

Innovex International Price Performance

Shares of INVX stock opened at $26.59 on Wednesday. The firm has a market cap of $1.83 billion, a P/E ratio of 35.46 and a beta of 0.84. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.10 and a quick ratio of 3.24. Innovex International has a 1-year low of $13.44 and a 1-year high of $29.48. The firm has a fifty day moving average of $25.94 and a two-hundred day moving average of $23.97.

Innovex International (NYSE:INVX - Get Free Report) last announced its quarterly earnings data on Monday, February 23rd. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.09). The company had revenue of $273.60 million for the quarter, compared to analyst estimates of $240.00 million. Innovex International had a return on equity of 6.72% and a net margin of 5.31%. As a group, research analysts anticipate that Innovex International will post 1.32 earnings per share for the current fiscal year.

Insider Activity at Innovex International

In related news, CEO Adam Anderson sold 18,837 shares of Innovex International stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total value of $536,854.50. Following the sale, the chief executive officer directly owned 466,744 shares in the company, valued at $13,302,204. This trade represents a 3.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of Innovex International stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the completion of the sale, the director owned 399 shares in the company, valued at approximately $9,811.41. This represents a 99.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,257,078 shares of company stock worth $326,097,112 in the last ninety days. 34.90% of the stock is owned by insiders.

Institutional Trading of Innovex International

Several hedge funds have recently bought and sold shares of the company. Covestor Ltd raised its position in shares of Innovex International by 26,300.0% during the 3rd quarter. Covestor Ltd now owns 1,848 shares of the company's stock worth $34,000 after buying an additional 1,841 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Innovex International by 31.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company's stock worth $40,000 after buying an additional 511 shares in the last quarter. Strs Ohio bought a new stake in shares of Innovex International during the 4th quarter worth about $44,000. Westfuller Advisors LLC bought a new stake in shares of Innovex International during the 3rd quarter worth about $53,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Innovex International during the 4th quarter worth about $55,000.

About Innovex International

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.