Intrepid Potash (NYSE:IPI) Upgraded to Buy at Wall Street Zen

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 report sent to investors on Friday.

Separately, UBS Group decreased 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 report on Thursday, August 7th. One investment 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 stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.00.

Intrepid Potash Stock Up 2.2%

Shares of IPI stock traded up $0.67 on Friday, reaching $30.65. 91,195 shares of the stock were exchanged, compared to its average volume of 174,111. The stock has a market cap of $408.19 million, a P/E ratio of -1.97 and a beta of 1.78. The firm has a 50 day moving average of $33.30 and a two-hundred day moving average of $31.78. 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 announced its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.28. Intrepid Potash had a negative net margin of 71.13% and a positive return on equity of 1.48%. The firm had revenue of $71.47 million during the quarter, compared to analysts' expectations of $56.14 million. On average, equities research analysts predict that Intrepid Potash will post -0.17 EPS for the current fiscal year.

Insider Activity

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 transaction of $1,819,100.50. Following the completion of the sale, the insider 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 hyperlink. 2.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IPI. Geode Capital Management LLC raised its holdings in shares of Intrepid Potash by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 234,908 shares of the basic materials company's stock valued at $5,151,000 after purchasing an additional 3,314 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Intrepid Potash by 12.2% during the 4th quarter. Wells Fargo & Company MN now owns 13,652 shares of the basic materials company's stock valued at $299,000 after purchasing an additional 1,486 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Intrepid Potash by 8.0% during the 4th quarter. Invesco Ltd. now owns 57,797 shares of the basic materials company's stock valued at $1,267,000 after purchasing an additional 4,273 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Intrepid Potash by 110.1% during the 4th quarter. Renaissance Technologies LLC now owns 111,871 shares of the basic materials company's stock valued at $2,452,000 after purchasing an additional 58,630 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Intrepid Potash during the 4th quarter valued at $1,028,000. Institutional investors own 56.13% of the company's stock.

About Intrepid Potash

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.