Innovex International (NYSE:INVX) Stock Rated “Neutral” in New Coverage at JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of Innovex International (NYSE:INVX) in a report released on Tuesday, Marketbeat reports. The brokerage issued a neutral rating and a $33.00 price objective on the stock.

Several other research firms also recently weighed in on INVX. Wall Street Zen downgraded Innovex International from a “buy” rating to a “hold” rating in a report on Monday, August 17th. Citigroup upped their target price on Innovex International from $35.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. Barclays increased their target price on Innovex International from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 11th. Weiss Ratings upgraded Innovex International from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Finally, Zacks Research lowered shares of Innovex International from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.80.

Innovex International Stock Performance

Innovex International stock opened at $30.00 on Tuesday. 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 $2.10 billion, a PE ratio of 28.12 and a beta of 0.92. Innovex International has a 12-month low of $19.07 and a 12-month high of $33.71. The business’s 50-day moving average price is $28.94 and its two-hundred day moving average price is $27.13.

Innovex International (NYSE:INVX) last posted its earnings results on Thursday, October 29th. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.02). Innovex International had a return on equity of 7.12% and a net margin of 6.17%. The company had revenue of $265.05 million during the quarter, compared to the consensus estimate of $265.64 million. As a group, analysts expect that Innovex International will post 1.51 earnings per share for the current fiscal year.

Insider Transactions at Innovex International

In related news, Director Amberjack Capital Partners, L. sold 5,000,000 shares of Innovex International 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 transaction, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the director owned 311 shares in the company, valued at $8,928.81. This trade 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 worth $286,092,748 over the last ninety days. 34.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Innovex International

Institutional investors and hedge funds have recently made changes to their positions in the business. Bridge City Capital LLC raised its stake 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 buying an additional 30,276 shares during the period. Moody Aldrich Partners LLC lifted its stake in Innovex International by 31.3% during the 3rd quarter. Moody Aldrich Partners LLC now owns 216,732 shares of the company’s stock valued at $5,856,000 after acquiring an additional 51,726 shares in the last quarter. Yousif Capital Management LLC boosted its holdings in Innovex International by 24.6% during the third quarter. Yousif Capital Management LLC now owns 12,781 shares of the company’s stock worth $345,000 after purchasing an additional 2,523 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Innovex International by 0.4% in the 2nd quarter. Tidal Investments LLC now owns 176,951 shares of the company’s stock worth $4,388,000 after buying an additional 703 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new position in Innovex International in the 2nd quarter valued at $1,148,000.

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.