Innovex International (NYSE:INVX) Raised to “Buy” at Wall Street Zen

Innovex International (NYSE:INVX) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday.

INVX has been the subject of a number of other reports. Zacks Research lowered shares of Innovex International from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Citigroup initiated coverage on shares of Innovex International in a research note on Thursday, May 7th. They issued a “buy” rating and a $35.00 price target on the stock. Piper Sandler lifted their price objective on shares of Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Jefferies Financial Group raised shares of Innovex International to a “strong-buy” rating in a research report on Friday, June 12th. Finally, Barclays upped 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 note on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.25.

Innovex International Trading Up 3.4%

INVX opened at $29.06 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.32 and a current ratio of 5.01. The stock’s 50 day moving average price is $26.64 and its 200-day moving average price is $26.40. Innovex International has a one year low of $15.76 and a one year high of $33.71. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 32.65 and a beta of 0.83.

Innovex International (NYSE:INVX) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. Innovex International had a return on equity of 7.12% and a net margin of 6.17%.The firm had revenue of $244.90 million during the quarter, compared to analyst estimates of $241.58 million. On average, equities analysts forecast that Innovex International will post 1.44 EPS for the current year.

Insiders Place Their Bets

In other news, insider Mark Reddout sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the transaction, 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 filing with the SEC, which is accessible through this link. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of Innovex International stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $28.71, for a total value of $143,550,000.00. Following the completion of the sale, the director owned 311 shares of the company’s stock, valued at $8,928.81. The trade was a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 9,975,217 shares of company stock worth $286,393,748. 34.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Innovex International in the second quarter worth approximately $160,389,000. Wellington Management Group LLP lifted its holdings in Innovex International by 52.4% during the third quarter. Wellington Management Group LLP now owns 2,434,808 shares of the company’s stock worth $45,141,000 after buying an additional 837,027 shares during the period. Dimensional Fund Advisors LP boosted its position in Innovex International by 14.5% during the 1st 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 in the last quarter. Bank of America Corp DE boosted its position in Innovex International by 102.5% during the 1st quarter. Bank of America Corp DE now owns 654,265 shares of the company’s stock valued at $15,958,000 after acquiring an additional 331,178 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its holdings in shares of Innovex International by 371.9% in the 2nd 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 period.

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.