Intrepid Potash (NYSE:IPI) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Intrepid Potash (NYSE:IPI) from a hold rating to a buy rating in a report issued on Monday morning, Zacks.com reports. Zacks Investment Research currently has $35.00 price objective on the basic materials company’s stock.

According to Zacks, “INTREPID POTASH, Inc. is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and langbeinite, another mineral containing potassium. Intrepid owns five active potash production facilities — three in New Mexico and two in Utah “

Several other research analysts also recently commented on the company. BMO Capital Markets lifted their price objective on Intrepid Potash from $15.00 to $30.00 and gave the stock a market perform rating in a report on Wednesday, March 3rd. TheStreet upgraded Intrepid Potash from a d+ rating to a c- rating in a report on Friday, March 5th. Finally, Roth Capital lifted their price objective on Intrepid Potash from $11.00 to $38.00 and gave the stock a buy rating in a report on Thursday, March 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $25.90.

NYSE IPI opened at $27.79 on Monday. The company’s 50-day moving average price is $29.44. Intrepid Potash has a twelve month low of $7.60 and a twelve month high of $39.19. The company has a quick ratio of 0.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $373.66 million, a P/E ratio of -20.59 and a beta of 2.13.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings data on Sunday, May 2nd. The basic materials company reported $0.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.05. The firm had revenue of $59.39 million for the quarter, compared to the consensus estimate of $57.80 million. Intrepid Potash had a negative return on equity of 4.12% and a negative net margin of 8.47%. During the same quarter in the previous year, the business earned ($0.20) earnings per share. Analysts expect that Intrepid Potash will post 0.85 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of IPI. Royce & Associates LP grew its stake in shares of Intrepid Potash by 75.9% in the first quarter. Royce & Associates LP now owns 1,048,449 shares of the basic materials company’s stock worth $34,137,000 after purchasing an additional 452,274 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in Intrepid Potash during the 1st quarter valued at approximately $4,086,000. D. E. Shaw & Co. Inc. boosted its position in Intrepid Potash by 238.4% during the 1st quarter. D. E. Shaw & Co. Inc. now owns 146,945 shares of the basic materials company’s stock valued at $4,785,000 after acquiring an additional 103,520 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Intrepid Potash by 14.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 598,727 shares of the basic materials company’s stock valued at $19,494,000 after acquiring an additional 74,995 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its position in Intrepid Potash by 42.2% during the 1st quarter. Acadian Asset Management LLC now owns 118,539 shares of the basic materials company’s stock valued at $3,858,000 after acquiring an additional 35,195 shares in the last quarter. 37.20% of the stock is currently owned by institutional investors.

About Intrepid Potash

Intrepid Potash, Inc produces and sells potash and langbeinite products in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The Potash segment offers muriate of potash or potassium chloride for use as a fertilizer input in the agricultural market; as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes in the industrial market; and as a nutrient supplement in the animal feed market.

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