Innovex International (NYSE:INVX) Raised to “Strong-Buy” at Citigroup

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

INVX has been the topic of several other research reports. Weiss Ratings cut Innovex International from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, February 27th. Barclays raised their price objective on Innovex International from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Zacks Research downgraded Innovex International from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 4th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.33.

Innovex International Price Performance

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

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). The firm 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 expect that Innovex International will post 1.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the company’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $24.59, for a total value of $162,601,375.00. Following the sale, the director owned 399 shares in the company, valued at approximately $9,811.41. This represents a 99.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Amberjack Capital Partners, L. sold 6,612,500 shares of the stock in a transaction dated 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 transaction, the director directly owned 399 shares in the company, valued at $9,811.41. The trade was a 99.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,257,078 shares of company stock valued at $326,097,112 in the last ninety days. Corporate insiders own 34.90% of the company’s stock.

Institutional Trading of Innovex International

Institutional investors and hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its holdings in Innovex International by 31.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,151 shares of the company’s stock worth $40,000 after buying an additional 511 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Innovex International by 10.9% in the 3rd quarter. Arizona State Retirement System now owns 11,226 shares of the company’s stock valued at $208,000 after acquiring an additional 1,104 shares during the last quarter. Lesa Sroufe & Co raised its position in shares of Innovex International by 1.0% during the 1st quarter. Lesa Sroufe & Co now owns 122,788 shares of the company’s stock valued at $2,995,000 after acquiring an additional 1,253 shares in the last quarter. Swiss National Bank raised its position in shares of Innovex International by 1.8% during the 1st quarter. Swiss National Bank now owns 74,900 shares of the company’s stock valued at $1,827,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Covestor Ltd lifted its stake in Innovex International by 77.7% during the fourth quarter. Covestor Ltd now owns 3,284 shares of the company’s stock worth $72,000 after purchasing an additional 1,436 shares during 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.