Ingevity (NYSE:NGVT) Posts Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Ingevity (NYSE:NGVT) issued its earnings results on Wednesday. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.15, Briefing.com reports. The business had revenue of $340.10 million for the quarter, compared to the consensus estimate of $319.15 million. Ingevity had a negative net margin of 0.32% and a positive return on equity of 20.75%. The business’s quarterly revenue was down 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.09 earnings per share. Ingevity updated its FY 2024 guidance to EPS.

Ingevity Price Performance

NGVT stock traded up $2.91 during trading on Thursday, reaching $54.80. 642,072 shares of the company were exchanged, compared to its average volume of 230,031. The company has a market cap of $1.99 billion, a P/E ratio of -235.77 and a beta of 1.79. Ingevity has a 52-week low of $36.66 and a 52-week high of $72.41. The stock’s 50 day moving average price is $46.75 and its 200 day moving average price is $44.00. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.96 and a current ratio of 1.81.

Analyst Upgrades and Downgrades

NGVT has been the topic of several analyst reports. Wells Fargo & Company lifted their target price on shares of Ingevity from $43.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, February 23rd. Oppenheimer lifted their target price on shares of Ingevity from $50.00 to $58.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Jefferies Financial Group raised shares of Ingevity from a “hold” rating to a “buy” rating and lifted their target price for the company from $52.00 to $62.00 in a report on Monday, April 22nd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $52.50.

Ingevity Company Profile

Ingevity Corporation manufactures and sells activated carbon products, derivative specialty chemicals, and engineered polymers in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. It operates through three segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.