Innovex International (NYSE:INVX) Shares Gap Down Following Weak Earnings

Innovex International, Inc. (NYSE:INVX)’s share price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $30.00, but opened at $25.98. Innovex International shares last traded at $27.4010, with a volume of 102,254 shares.

The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.02). Innovex International had a net margin of 6.17% and a return on equity of 7.12%. The firm had revenue of $265.05 million for the quarter, compared to analyst estimates of $265.64 million.

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $28.71, for a total transaction of $143,550,000.00. Following the transaction, the director directly owned 311 shares in the company, valued at $8,928.81. This represents a 99.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 completion of the transaction, the director directly owned 311 shares in the company, valued at $8,928.81. This trade 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 worth $286,092,748 in the last ninety days. Insiders own 34.90% of the company’s stock.

Hedge Funds Weigh In On Innovex International

Institutional investors and hedge funds have recently made changes to their positions in the business. Oregon Public Employees Retirement Fund increased its position in Innovex International by 30.7% in the third quarter. Oregon Public Employees Retirement Fund now owns 11,496 shares of the company’s stock worth $311,000 after buying an additional 2,700 shares during the period. Bridge City Capital LLC boosted its position in Innovex International by 18.6% during the 3rd quarter. Bridge City Capital LLC now owns 192,726 shares of the company’s stock worth $5,207,000 after acquiring an additional 30,276 shares during the period. Moody Aldrich Partners LLC lifted its holdings in Innovex International by 31.3% in the third quarter. Moody Aldrich Partners LLC now owns 216,732 shares of the company’s stock worth $5,856,000 after purchasing an additional 51,726 shares during the period. Yousif Capital Management LLC increased its stake in shares of Innovex International by 24.6% during the third quarter. Yousif Capital Management LLC now owns 12,781 shares of the company’s stock valued at $345,000 after acquiring an additional 2,523 shares during the period. Finally, Tidal Investments LLC boosted its stake in Innovex International by 0.4% during the second quarter. Tidal Investments LLC now owns 176,951 shares of the company’s stock valued at $4,388,000 after buying an additional 703 shares in the last quarter.

Innovex International Stock 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 stock has a market cap of $1.93 billion, a price-to-earnings ratio of 30.94 and a beta of 0.92. The company’s 50-day simple moving average is $28.94 and its 200-day simple moving average is $27.13.

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.