Innovex International (NYSE:INVX) Upgraded at Citigroup

Citigroup upgraded shares of Innovex International (NYSE:INVX) to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

A number of other research firms have also recently weighed in on INVX. Weiss Ratings cut shares of Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 27th. Zacks Research cut shares of Innovex International from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 4th. Finally, Barclays increased their price objective on shares of Innovex International from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.33.

Innovex International Stock Performance

Innovex International stock opened at $26.59 on Wednesday. The firm has a 50 day simple moving average of $25.94 and a 200-day simple moving average of $23.97. Innovex International has a 1-year low of $13.44 and a 1-year high of $29.48. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.10 and a quick ratio of 3.24. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 35.46 and a beta of 0.84.

Innovex International (NYSE:INVX) last posted its quarterly earnings data on Monday, February 23rd. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.09). The company had revenue of $273.60 million for the quarter, compared to analysts’ expectations of $240.00 million. Innovex International had a return on equity of 6.72% and a net margin of 5.31%. On average, analysts expect that Innovex International will post 1.32 EPS for the current year.

Insiders Place Their Bets

In other Innovex International news, Director Amberjack Capital Partners, L. sold 6,612,500 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the sale, the director directly owned 399 shares in the company, valued at $9,811.41. This represents a 99.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the sale, the director owned 399 shares in the company, valued at approximately $9,811.41. This trade represents a 99.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,257,078 shares of company stock worth $326,097,112 in the last ninety days. 34.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innovex International

A number of hedge funds have recently added to or reduced their stakes in INVX. AQR Capital Management LLC acquired a new stake in Innovex International during the 1st quarter worth approximately $269,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Innovex International by 7.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,093 shares of the company’s stock worth $379,000 after buying an additional 1,467 shares in the last quarter. Caxton Associates LLP acquired a new stake in Innovex International during the 1st quarter worth approximately $270,000. Empowered Funds LLC lifted its holdings in Innovex International by 8.2% during the 1st quarter. Empowered Funds LLC now owns 58,131 shares of the company’s stock worth $1,044,000 after buying an additional 4,386 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Innovex International by 11.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,225 shares of the company’s stock valued at $1,764,000 after purchasing an additional 10,401 shares in the last quarter.

Innovex International Company Profile

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.