Intrepid Potash (NYSE:IPI) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Intrepid Potash was upgraded from a "hold" to a "buy" rating by Wall Street Zen, reflecting positive sentiment from analysts about the company's future prospects.
• UBS Group has set a new price target of $23.00 for Intrepid Potash, down from $24.00, and issued a "sell" rating for the stock.
• Intrepid Potash reported earnings per share of $0.45 for the last quarter, exceeding analysts' expectations significantly and indicating a positive financial performance.

Wall Street Zen upgraded shares of Intrepid Potash (NYSE:IPI - Free Report) from a hold rating to a buy rating in a research note issued to investors on Friday.

Separately, UBS Group cut their target price on shares of Intrepid Potash from $24.00 to $23.00 and set a "sell" rating for the company in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $23.00.

Intrepid Potash Trading Up 3.6%

IPI traded up $1.11 during trading on Friday, hitting $31.67. 175,109 shares of the company traded hands, compared to its average volume of 170,211. The company has a market cap of $421.84 million, a PE ratio of -2.03 and a beta of 1.78. The stock's 50-day simple moving average is $33.04 and its two-hundred day simple moving average is $31.81. Intrepid Potash has a 1 year low of $20.86 and a 1 year high of $39.01.

Intrepid Potash (NYSE:IPI - Get Free Report) last posted its earnings results on Wednesday, August 6th. The basic materials company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.28. The company had revenue of $71.47 million during the quarter, compared to analysts' expectations of $56.14 million. Intrepid Potash had a negative net margin of 71.13% and a positive return on equity of 1.48%. Equities analysts expect that Intrepid Potash will post -0.17 EPS for the current year.

Insider Activity at Intrepid Potash

In other Intrepid Potash news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of Intrepid Potash stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $34.30, for a total value of $1,819,100.50. Following the completion of the transaction, the insider directly owned 3,950 shares of the company's stock, valued at $135,485. This trade represents a 93.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Intrepid Potash

Institutional investors have recently made changes to their positions in the company. New York State Teachers Retirement System bought a new stake in shares of Intrepid Potash in the 1st quarter worth about $29,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Intrepid Potash by 197.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company's stock worth $29,000 after acquiring an additional 544 shares during the last quarter. State of Wyoming bought a new stake in shares of Intrepid Potash in the 4th quarter worth about $46,000. Tower Research Capital LLC TRC lifted its holdings in shares of Intrepid Potash by 80.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company's stock worth $49,000 after acquiring an additional 607 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Intrepid Potash by 123.0% in the 2nd quarter. Legal & General Group Plc now owns 2,112 shares of the basic materials company's stock worth $75,000 after acquiring an additional 1,165 shares during the last quarter. Institutional investors own 56.13% of the company's stock.

Intrepid Potash Company Profile

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.