Citigroup Begins Coverage on Innovex International (NYSE:INVX)

Research analysts at Citigroup assumed coverage on shares of Innovex International (NYSE:INVX) in a research note issued to investors on Thursday. The brokerage set a “buy” rating and a $35.00 price target on the stock. Citigroup’s price objective would indicate a potential upside of 28.92% from the stock’s previous close.

A number of other research analysts have also recently weighed in on INVX. Zacks Research cut shares of Innovex International from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 4th. Weiss Ratings cut Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 27th. Finally, Barclays lifted their price target on Innovex International from $20.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $28.67.

Innovex International Stock Up 1.8%

Shares of INVX stock opened at $27.15 on Thursday. Innovex International has a twelve month low of $11.93 and a twelve month high of $29.48. The stock has a market cap of $1.86 billion, a P/E ratio of 36.20 and a beta of 0.84. The stock has a 50 day moving average of $25.98 and a 200 day moving average of $23.91. The company has a current ratio of 5.10, a quick ratio of 3.24 and a debt-to-equity ratio of 0.02.

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

Insider Buying and Selling

In other news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The stock was 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 in the company, valued at $9,811.41. This trade represents a 99.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Amberjack Capital Partners, L. sold 6,612,500 shares of Innovex International stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $24.59, for a total value of $162,601,375.00. Following the completion of the sale, the director directly owned 399 shares in the company, valued at $9,811.41. This represents a 99.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 13,257,078 shares of company stock worth $326,097,112. Insiders own 34.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Covestor Ltd grew its holdings in shares of Innovex International by 26,300.0% during the third quarter. Covestor Ltd now owns 1,848 shares of the company’s stock worth $34,000 after buying an additional 1,841 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Innovex International by 31.2% in the third quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock worth $40,000 after buying an additional 511 shares in the last quarter. Strs Ohio acquired a new position in Innovex International during the fourth quarter worth about $44,000. Westfuller Advisors LLC purchased a new stake in Innovex International during the 3rd quarter valued at about $53,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Innovex International during the 4th quarter valued at about $55,000.

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.