Citigroup Initiates Coverage on Innovex International (NYSE:INVX)

Equities researchers at Citigroup assumed coverage on shares of Innovex International (NYSE:INVX) in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The firm set a “buy” rating and a $35.00 price target on the stock. Citigroup’s price objective points to a potential upside of 31.61% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings downgraded Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, February 27th. Zacks Research lowered Innovex International from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 4th. Finally, Barclays raised their target price on shares of Innovex International from $20.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $29.33.

Innovex International Stock Performance

Shares of INVX opened at $26.59 on Thursday. Innovex International has a 1 year low of $13.44 and a 1 year high of $29.48. The stock has a market capitalization 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 quick ratio of 3.24 and a current ratio of 5.10. The company’s fifty day moving average is $25.94 and its two-hundred day moving average is $23.97.

Innovex International (NYSE:INVX) last issued its quarterly earnings results on Monday, February 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.09). The firm 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%. On average, sell-side analysts predict that Innovex International will post 1.32 earnings per share for the current year.

Insider Buying and Selling at Innovex International

In other news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the firm’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $24.59, for a total value of $162,601,375.00. Following the transaction, the director owned 399 shares of the company’s stock, valued at approximately $9,811.41. This trade represents a 99.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Adam Anderson sold 18,837 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total value of $536,854.50. Following the completion of the sale, the chief executive officer owned 466,744 shares of the company’s stock, valued at approximately $13,302,204. This represents a 3.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 13,257,078 shares of company stock valued at $326,097,112. Company insiders own 34.90% of the company’s stock.

Institutional Investors Weigh In On Innovex International

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP lifted its position in Innovex International by 52.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company’s stock worth $45,141,000 after acquiring an additional 837,027 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Innovex International in the fourth quarter valued at approximately $12,702,000. Dimensional Fund Advisors LP grew its position in Innovex International by 14.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company’s stock valued at $64,544,000 after acquiring an additional 335,839 shares in the last quarter. Bridgeway Capital Management LLC lifted its position in shares of Innovex International by 371.9% during the second quarter. Bridgeway Capital Management LLC now owns 344,178 shares of the company’s stock worth $5,376,000 after purchasing an additional 271,247 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC purchased a new position in shares of Innovex International in the fourth quarter valued at $5,821,000.

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.