Innovex International (NYSE:INVX) Shares Gap Up on Better-Than-Expected Earnings

Innovex International, Inc. (NYSE:INVX - Get Free Report)'s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $16.14, but opened at $18.57. Innovex International shares last traded at $18.34, with a volume of 142,630 shares traded.

The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.21. The firm had revenue of $250.69 million during the quarter. Innovex International had a negative return on equity of 0.73% and a net margin of 12.31%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Barclays lowered their target price on Innovex International from $21.00 to $15.00 and set an "underweight" rating on the stock in a report on Tuesday, November 26th. Pickering Energy Partners upgraded Innovex International from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 14th.

Insider Activity at Innovex International

In other news, CFO Kendal Reed purchased 3,765 shares of the firm's stock in a transaction that occurred on Friday, December 13th. The stock was acquired at an average cost of $13.28 per share, for a total transaction of $49,999.20. Following the completion of the purchase, the chief financial officer now owns 186,232 shares of the company's stock, valued at approximately $2,473,160.96. This trade represents a 2.06 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.10% of the company's stock.

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Institutional Trading of Innovex International

Several institutional investors and hedge funds have recently bought and sold shares of the company. Brandes Investment Partners LP increased its holdings in shares of Innovex International by 41.3% in the 4th quarter. Brandes Investment Partners LP now owns 6,304,068 shares of the company's stock valued at $88,068,000 after acquiring an additional 1,841,686 shares during the last quarter. Madison Avenue Partners LP raised its holdings in shares of Innovex International by 64.6% during the fourth quarter. Madison Avenue Partners LP now owns 1,686,476 shares of the company's stock worth $23,560,000 after purchasing an additional 662,009 shares during the period. Vanguard Group Inc. lifted its position in shares of Innovex International by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 4,263,005 shares of the company's stock worth $59,554,000 after buying an additional 221,598 shares during the last quarter. Invesco Ltd. lifted its position in shares of Innovex International by 175.8% in the 4th quarter. Invesco Ltd. now owns 332,468 shares of the company's stock worth $4,645,000 after buying an additional 211,907 shares during the last quarter. Finally, GeoSphere Capital Management LLC acquired a new position in shares of Innovex International in the 4th quarter valued at about $2,794,000.

Innovex International Price Performance

The firm has a market capitalization of $1.23 billion, a PE ratio of 12.97 and a beta of 0.89. The stock has a fifty day moving average price of $15.98. The company has a current ratio of 3.87, a quick ratio of 2.17 and a debt-to-equity ratio of 0.01.

Innovex International Company Profile

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.