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

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

Innovex International Trading Down 1.2%

Shares of Innovex International stock traded down $0.38 during trading hours on Thursday, hitting $30.00. The company’s stock had a trading volume of 744,482 shares, compared to its average volume of 605,354. Innovex International has a 12 month low of $19.07 and a 12 month high of $33.71. The stock has a 50 day moving average of $28.94 and a 200 day moving average of $27.13. The company has a market capitalization of $2.10 billion, a PE ratio of 28.12 and a beta of 0.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.01 and a quick ratio of 3.32.

Insider Transactions at Innovex International

In other news, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of Innovex International stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $28.71, for a total transaction of $142,242,747.57. Following the transaction, the director owned 311 shares in the company, valued at $8,928.81. The trade was a 99.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark Reddout sold 10,000 shares of the business’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 completion of the transaction, the insider owned 124,312 shares of the company’s stock, valued at $3,729,360. This represents a 7.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,964,467 shares of company stock valued at $286,092,748 over the last 90 days. 34.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Barclays boosted 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 note on Tuesday, August 11th. Zacks Research cut shares of Innovex International from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. initiated coverage on shares of Innovex International in a report on Tuesday. They set a “neutral” rating and a $33.00 target price for the company. Citigroup upped their target price on shares of Innovex International from $35.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, August 26th. Finally, Weiss Ratings raised Innovex International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.