Innovex International (NYSE:INVX) Releases Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• Innovex International beat quarterly estimates: The company reported EPS of $0.36, exceeding the $0.31 consensus, while revenue reached $244.90 million versus expectations of $241.58 million.
• Shares rose 0.9% to $28.34 following the results. The stock has traded between $15.60 and $32.25 over the past year and has a $1.95 billion market capitalization.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $32.25, though recent recommendations have ranged from “Strong Buy” to “Hold.”

Innovex International (NYSE:INVX - Get Free Report) issued its quarterly earnings data on Monday. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.05, FiscalAI reports. The firm 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 6.72% and a net margin of 5.31%.

Innovex International Stock Up 0.9%

Shares of INVX stock traded up $0.26 during trading on Monday, reaching $28.34. The company's stock had a trading volume of 401,516 shares, compared to its average volume of 483,776. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.10 and a quick ratio of 3.38. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 37.79 and a beta of 0.83. The stock's 50-day moving average price is $26.43 and its 200 day moving average price is $26.17. Innovex International has a 1-year low of $15.60 and a 1-year high of $32.25.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Barclays increased their target price on shares of Innovex International from $24.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Jefferies Financial Group raised shares of Innovex International to a "strong-buy" rating in a research report on Friday, June 12th. Weiss Ratings downgraded shares of Innovex International from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 11th. Citigroup began coverage on Innovex International in a research report on Thursday, May 7th. They issued a "buy" rating and a $35.00 target price on the stock. Finally, Zacks Research cut Innovex International from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $32.25.

Insider Transactions at Innovex International

In other Innovex International news, insider Mark Reddout sold 10,750 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $28.00, for a total transaction of $301,000.00. Following the sale, the insider directly owned 134,312 shares in the company, valued at $3,760,736. This represents a 7.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 34.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC raised its position in Innovex International by 418.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,523 shares of the company's stock valued at $55,000 after purchasing an additional 2,843 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Innovex International in the 4th quarter valued at about $55,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Innovex International by 2,334.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,868 shares of the company's stock worth $106,000 after buying an additional 4,668 shares in the last quarter. Polymer Capital Management US LLC acquired a new position in shares of Innovex International during the third quarter worth about $197,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Innovex International during the fourth quarter worth approximately $209,000.

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.

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