Innovex International (NYSE:INVX) Shares Gap Up – Here’s Why

Innovex International, Inc. (NYSE:INVX)’s share price gapped up prior to trading on Monday. The stock had previously closed at $27.93, but opened at $29.60. Innovex International shares last traded at $30.14, with a volume of 10,966 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Wall Street Zen lowered Innovex International from a “buy” rating to a “hold” rating in a research report on Monday, August 17th. Zacks Research cut Innovex International from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Weiss Ratings upgraded Innovex International from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Barclays increased their price target on shares of Innovex International from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Finally, Citigroup raised their price target on shares of Innovex International from $35.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $32.75.

Innovex International Price Performance

The company has a quick ratio of 3.32, a current ratio of 5.01 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of 34.15 and a beta of 0.92. The stock’s 50 day moving average price is $28.90 and its two-hundred day moving average price is $27.79.

Innovex International (NYSE:INVX) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $241.58 million. Analysts anticipate that Innovex International, Inc. will post 1.44 EPS for the current fiscal year.

Insider Transactions at Innovex International

In related news, insider Mark Reddout sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the completion of the sale, the insider owned 124,312 shares of the company’s stock, valued at approximately $3,729,360. The trade was a 7.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $28.71, for a total value of $143,550,000.00. Following the completion of the transaction, the director owned 311 shares in the company, valued at $8,928.81. This represents a 99.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,964,467 shares of company stock valued at $286,092,748 in the last three months. 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 the business. BlackRock Inc. bought a new stake in Innovex International in the second quarter worth approximately $160,389,000. Dimensional Fund Advisors LP lifted its stake in shares of Innovex International by 14.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company’s stock valued at $64,544,000 after purchasing an additional 335,839 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Innovex International in the 2nd quarter valued at $16,540,000. William Blair Investment Management LLC acquired a new stake in shares of Innovex International in the 2nd quarter valued at $11,492,000. Finally, Heartland Advisors Inc. bought a new stake in Innovex International in the second quarter worth $11,020,000.

About Innovex International

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.