Innovex International (NYSE:INVX) Issues Earnings Results, Beats Expectations By $0.05 EPS

Innovex International (NYSE:INVX) announced its quarterly earnings data on Monday. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05, FiscalAI reports. The company had revenue of $244.90 million during the quarter, compared to analyst estimates of $241.58 million. Innovex International had a net margin of 5.31% and a return on equity of 6.72%.

Innovex International Trading Up 0.9%

NYSE:INVX opened at $28.34 on Tuesday. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 37.79 and a beta of 0.83. Innovex International has a 52 week low of $15.60 and a 52 week high of $32.25. The company has a quick ratio of 3.38, a current ratio of 5.10 and a debt-to-equity ratio of 0.02. The firm has a 50 day moving average of $26.40 and a 200 day moving average of $26.20.

Insider Transactions at Innovex International

In other Innovex International news, insider Mark Reddout sold 10,750 shares of Innovex International stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $28.00, for a total value of $301,000.00. Following the transaction, the insider directly owned 134,312 shares of the company’s stock, valued at approximately $3,760,736. The trade was a 7.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 34.90% of the company’s stock.

Institutional Investors Weigh In On Innovex International

Institutional investors and hedge funds have recently made changes to their positions in the stock. Numerai GP LLC purchased a new stake in shares of Innovex International in the 3rd quarter valued at $282,000. Captrust Financial Advisors purchased a new position in shares of Innovex International during the second quarter worth $312,000. The Manufacturers Life Insurance Company raised its holdings in shares of Innovex International by 10.8% during the second quarter. The Manufacturers Life Insurance Company now owns 19,219 shares of the company’s stock worth $300,000 after purchasing an additional 1,877 shares during the last quarter. Quantbot Technologies LP acquired a new position in Innovex International during the second quarter valued at $283,000. Finally, Franklin Resources Inc. acquired a new position in Innovex International during the second quarter valued at $227,000.

Analyst Ratings Changes

INVX has been the subject of a number of research reports. Citigroup assumed coverage on Innovex International in a report on Thursday, May 7th. They issued a “buy” rating and a $35.00 price target for the company. Barclays raised their price objective on Innovex International from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Piper Sandler lifted their target price on Innovex International from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Wall Street Zen downgraded shares of Innovex International from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Zacks Research lowered Innovex International from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.25.

About Innovex International

Innovex International, Inc engages in the provision of solutions for both onshore and offshore applications within the oil and gas industry. The company was founded on September 15, 2016 and is headquartered in Humble, TX.