Innovex International (NYSE:INVX) Rating Increased to Strong-Buy at Citigroup

Innovex International (NYSE:INVX) was upgraded by stock analysts at Citigroup to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Several other research firms also recently weighed in on INVX. Zacks Research downgraded shares of Innovex International from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 4th. Barclays lifted their target price 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. Finally, Weiss Ratings downgraded shares of Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 27th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Innovex International currently has a consensus rating of “Moderate Buy” and an average target price of $29.33.

Innovex International Stock Performance

Shares of INVX opened at $26.59 on Wednesday. The firm’s 50 day moving average is $25.94 and its 200-day moving average is $23.97. 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 current ratio of 5.10 and a quick ratio of 3.24. Innovex International has a 12-month low of $13.44 and a 12-month high of $29.48.

Innovex International (NYSE:INVX) last announced its quarterly earnings data on Monday, February 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.09). The business had revenue of $273.60 million during 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%. Equities research analysts anticipate that Innovex International will post 1.32 EPS for the current fiscal year.

Insider Activity at Innovex International

In related news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the business’s 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 transaction, the director directly owned 399 shares of the company’s stock, valued at approximately $9,811.41. The trade was a 99.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Adam Anderson sold 18,837 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $28.50, for a total transaction of $536,854.50. Following the transaction, the chief executive officer directly owned 466,744 shares in the company, valued at $13,302,204. The trade was a 3.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 13,257,078 shares of company stock valued at $326,097,112. Corporate insiders own 34.90% of the company’s stock.

Institutional Trading of Innovex International

A number of institutional investors have recently added to or reduced their stakes in INVX. Wellington Management Group LLP lifted its stake in Innovex International by 52.4% in the third quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company’s stock valued at $45,141,000 after acquiring an additional 837,027 shares during 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 lifted its stake 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 during the last quarter. Bridgeway Capital Management LLC lifted its stake in Innovex International by 371.9% in the second quarter. Bridgeway Capital Management LLC now owns 344,178 shares of the company’s stock valued at $5,376,000 after acquiring an additional 271,247 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC acquired a new stake in Innovex International in the fourth quarter valued at approximately $5,821,000.

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.