Innovex International, Inc. (NYSE:INVX) Stock Has Consensus Price Target of $32.75 According to Brokerages

Innovex International, Inc. (NYSE:INVX) has earned a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $32.75.

Several brokerages have commented on INVX. Weiss Ratings upgraded shares of Innovex International from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Zacks Research cut shares of Innovex International from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Citigroup boosted their target price on shares of Innovex International from $35.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. Barclays lifted their target price on shares of Innovex International from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen cut shares of Innovex International from a “buy” rating to a “hold” rating in a research report on Monday, August 17th.

Insiders Place Their Bets

In related news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $28.71, for a total transaction of $142,242,747.57. Following the completion of the sale, the director directly owned 311 shares in the company, valued at approximately $8,928.81. This trade represents a 99.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $28.71, for a total transaction of $143,550,000.00. Following the completion of the transaction, the director directly owned 311 shares in the company, valued at $8,928.81. This trade represents a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 9,964,467 shares of company stock worth $286,092,748. 34.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Freestone Grove Partners LP acquired a new stake in shares of Innovex International in the second quarter worth $43,000. USA Financial Formulas bought a new position in shares of Innovex International during the first quarter valued at $53,000. Global Retirement Partners LLC bought a new position in Innovex International during the 2nd quarter valued at about $122,000. Quantinno Capital Management LP acquired a new position in Innovex International in the first quarter valued at about $215,000. Finally, Summit Global Investments acquired a new position in Innovex International in the second quarter valued at about $222,000.

Innovex International Stock Up 7.1%

INVX stock opened at $29.91 on Friday. The firm’s 50-day moving average is $28.90 and its two-hundred day moving average is $27.77. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 25.86 and a beta of 0.92. Innovex International has a 52 week low of $19.07 and a 52 week high of $33.71. The company has a current ratio of 5.01, a quick ratio of 3.32 and a debt-to-equity ratio of 0.02.

Innovex International (NYSE:INVX) last posted its quarterly earnings data on Monday, August 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. The business had revenue of $244.90 million during the quarter, compared to analysts’ expectations of $241.58 million. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. On average, analysts forecast that Innovex International will post 1.44 earnings per share for the current fiscal year.

Innovex International Company Profile

Innovex International, Inc is an energy technology and oilfield equipment company that provides products and services used throughout the life cycle of oil and natural gas wells. Its offerings support drilling, completion, production, intervention and other well-construction and well-maintenance activities for operators and oilfield service companies.

The company’s portfolio includes downhole tools and technologies, completion equipment, wellhead and production systems, and equipment used in onshore and offshore applications.