Innovex International (NYSE:INVX) Issues Earnings Results, Misses Expectations By $0.02 EPS

Innovex International (NYSE:INVX) posted its quarterly earnings data on Thursday. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.02), FiscalAI reports. The firm had revenue of $265.05 million for the quarter, compared to analysts’ expectations of $265.64 million. Innovex International had a return on equity of 7.12% and a net margin of 6.17%.

Innovex International Price Performance

Shares of INVX traded down $1.90 during trading hours on Friday, reaching $28.10. 594,950 shares of the company’s stock traded hands, compared to its average volume of 570,263. Innovex International has a 12 month low of $19.07 and a 12 month 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. The stock has a market cap of $1.97 billion, a PE ratio of 31.55 and a beta of 0.92. The firm’s 50 day simple moving average is $28.94 and its 200-day simple moving average is $27.13.

Insiders Place Their Bets

In related news, insider Mark Reddout sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the insider owned 124,312 shares in the company, valued at approximately $3,729,360. This trade represents a 7.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $28.71, for a total value of $142,242,747.57. Following the sale, the director directly owned 311 shares in the company, valued at approximately $8,928.81. This represents a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 9,964,467 shares of company stock valued at $286,092,748 over the last three months. Insiders own 34.90% of the company’s stock.

Analyst Ratings Changes

INVX has been the subject of several research analyst reports. Zacks Research lowered shares of Innovex International from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Wall Street Zen downgraded Innovex International from a “buy” rating to a “hold” rating in a research report on Monday, August 17th. Barclays upped their price objective on Innovex International from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 11th. Citigroup boosted their target price on Innovex International from $35.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Innovex International in a report on Tuesday. They issued a “neutral” rating and a $33.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Innovex International has a consensus rating of “Moderate Buy” and a consensus price target of $32.80.

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.