Innospec (NASDAQ:IOSP) Hits New 52-Week High Following Better-Than-Expected Earnings

Innospec Inc. (NASDAQ:IOSP) hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $93.01 and last traded at $91.64, with a volume of 232644 shares. The stock had previously closed at $86.70.

The specialty chemicals company reported $1.27 EPS for the quarter, beating the consensus estimate of $1.05 by $0.22. The business had revenue of $491.40 million during the quarter, compared to analysts’ expectations of $457.25 million. Innospec had a return on equity of 9.32% and a net margin of 6.38%.The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.26 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Zacks Research upgraded shares of Innospec from a “strong sell” rating to a “hold” rating in a research note on Friday, April 24th. Wall Street Zen upgraded Innospec from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. Finally, Weiss Ratings raised shares of Innospec from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, July 1st. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Innospec presently has an average rating of “Hold”.

Institutional Trading of Innospec

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IOSP. EverSource Wealth Advisors LLC boosted its stake in Innospec by 1,159.5% in the second quarter. EverSource Wealth Advisors LLC now owns 529 shares of the specialty chemicals company’s stock valued at $44,000 after acquiring an additional 487 shares during the last quarter. Hantz Financial Services Inc. lifted its holdings in Innospec by 271.0% during the fourth quarter. Hantz Financial Services Inc. now owns 575 shares of the specialty chemicals company’s stock worth $44,000 after acquiring an additional 420 shares in the last quarter. Danske Bank A S bought a new position in shares of Innospec during the 3rd quarter valued at about $46,000. Caitong International Asset Management Co. Ltd lifted its stake in Innospec by 316.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 662 shares of the specialty chemicals company’s stock valued at $51,000 after buying an additional 503 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in Innospec by 125.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 728 shares of the specialty chemicals company’s stock worth $56,000 after purchasing an additional 405 shares during the period. 96.64% of the stock is currently owned by institutional investors and hedge funds.

Innospec Stock Up 7.3%

The stock has a fifty day moving average of $83.21 and a 200-day moving average of $79.49. The firm has a market capitalization of $2.29 billion, a P/E ratio of 20.22, a P/E/G ratio of 2.36 and a beta of 0.93.

About Innospec

Innospec Incorporated (NASDAQ: IOSP) is a global specialty chemicals company headquartered in Cleveland, Ohio. The company operates through three principal business segments: Fuel Specialties, Oilfield Services, and Performance Chemicals. In the Fuel Specialties segment, Innospec develops and supplies additives designed to enhance octane levels, improve combustion efficiency, reduce emissions and prevent deposit formation in gasoline and diesel engines. Its Oilfield Services division provides chemical technologies—such as surfactants, corrosion inhibitors and demulsifiers—to support exploration, drilling, production optimization and enhanced oil recovery operations.