Intrepid Potash (NYSE:IPI) Issues Earnings Results, Misses Expectations By $0.02 EPS

Intrepid Potash (NYSE:IPI) released its earnings results on Wednesday. The basic materials company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.02), Zacks reports. The company had revenue of $53.22 million during the quarter, compared to analyst estimates of $49.54 million. Intrepid Potash had a negative net margin of 71.13% and a positive return on equity of 1.48%.

Intrepid Potash Trading Up 1.4%

IPI stock traded up $0.33 during trading on Friday, reaching $24.27. 28,143 shares of the stock were exchanged, compared to its average volume of 175,284. The firm’s 50 day moving average is $28.55 and its 200 day moving average is $32.33. The firm has a market cap of $323.18 million, a P/E ratio of -1.55 and a beta of 1.85. Intrepid Potash has a twelve month low of $20.86 and a twelve month high of $39.01.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its holdings in shares of Intrepid Potash by 197.8% in the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 544 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Intrepid Potash by 80.6% during the second quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 607 shares during the period. State of Wyoming purchased a new position in shares of Intrepid Potash during the second quarter valued at approximately $54,000. Legal & General Group Plc grew its stake in shares of Intrepid Potash by 123.0% in the second quarter. Legal & General Group Plc now owns 2,112 shares of the basic materials company’s stock worth $75,000 after acquiring an additional 1,165 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Intrepid Potash in the second quarter worth approximately $175,000. Hedge funds and other institutional investors own 56.13% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on IPI shares. UBS Group reduced their price objective on shares of Intrepid Potash from $24.00 to $23.00 and set a “sell” rating on the stock in a research note on Thursday, August 7th. Zacks Research lowered shares of Intrepid Potash from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Intrepid Potash in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised Intrepid Potash from a “hold” rating to a “buy” rating in a research note on Friday, August 22nd. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Intrepid Potash presently has an average rating of “Sell” and a consensus target price of $23.00.

Intrepid Potash Company Profile

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.