Wall Street Zen Upgrades Innospec (NASDAQ:IOSP) to "Strong-Buy"

Key Points

• Wall Street Zen upgraded Innospec from “buy” to “strong-buy,” although MarketBeat’s overall analyst consensus remains “Hold.” Seaport Research Partners maintained a buy rating with a $110 price target.
• Innospec reported quarterly EPS of $1.27, exceeding the $1.05 consensus estimate, while revenue of $491.4 million surpassed expectations and increased 11.8% year over year.
• The stock opened at $92.44, near its 52-week high of $94.17, with a $2.28 billion market capitalization; institutional investors and hedge funds own approximately 96.64% of outstanding shares.

Innospec (NASDAQ:IOSP - Get Free Report) was upgraded by analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued on Saturday.

Several other equities research analysts have also commented on IOSP. Seaport Research Partners reaffirmed a "buy" rating and set a $110.00 price target on shares of Innospec in a research report on Thursday. Weiss Ratings raised shares of Innospec from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday. Finally, Zacks Research raised shares of Innospec from a "strong sell" rating to a "hold" rating in a report on Friday, April 24th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Innospec has a consensus rating of "Hold".

Innospec Stock Performance

Innospec stock opened at $92.44 on Friday. The stock has a market cap of $2.28 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 2.46 and a beta of 0.93. Innospec has a one year low of $65.51 and a one year high of $94.17. The stock has a fifty day moving average of $83.78 and a 200 day moving average of $79.73.

Innospec (NASDAQ:IOSP - Get Free Report) last posted its earnings results on Tuesday, August 4th. The specialty chemicals company reported $1.27 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.22. The company had revenue of $491.40 million for the quarter, compared to the consensus estimate of $457.25 million. Innospec had a return on equity of 9.22% and a net margin of 6.60%.Innospec's revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.26 earnings per share. As a group, sell-side analysts predict that Innospec will post 4.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Innospec

Institutional investors and hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. purchased a new stake in Innospec in the second quarter worth about $36,000. Hantz Financial Services Inc. raised its stake in shares of Innospec by 271.0% in the fourth quarter. Hantz Financial Services Inc. now owns 575 shares of the specialty chemicals company's stock worth $44,000 after buying an additional 420 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Innospec by 1,159.5% in the second quarter. EverSource Wealth Advisors LLC now owns 529 shares of the specialty chemicals company's stock worth $44,000 after buying an additional 487 shares during the period. Danske Bank A S purchased a new position in shares of Innospec during the 3rd quarter valued at about $46,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Innospec by 316.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 662 shares of the specialty chemicals company's stock valued at $51,000 after buying an additional 503 shares in the last quarter. 96.64% of the stock is currently owned by hedge funds and other institutional investors.

Innospec Company Profile

Innospec Incorporated NASDAQ: IOSP is a global specialty chemicals company headquartered in Cleveland, Ohio. The company operates through three principal business segments: Fuel Specialties, Oilfield Services, and Performance Chemicals. In the Fuel Specialties segment, Innospec develops and supplies additives designed to enhance octane levels, improve combustion efficiency, reduce emissions and prevent deposit formation in gasoline and diesel engines. Its Oilfield Services division provides chemical technologies—such as surfactants, corrosion inhibitors and demulsifiers—to support exploration, drilling, production optimization and enhanced oil recovery operations.

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