Innovex International (NYSE:INVX) Shares Gap Up Following Earnings Beat

Innovex International, Inc. (NYSE:INVX)’s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. 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.

The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.21. Innovex International had a net margin of 12.31% and a negative return on equity of 0.73%. The business had revenue of $250.69 million for the quarter.

Analysts Set New Price Targets

INVX has been the topic of a number of recent analyst reports. Barclays reduced their price objective on shares of Innovex International from $21.00 to $15.00 and set an “underweight” rating on the stock in a research 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.

Insiders Place Their Bets

In related news, CFO Kendal Reed bought 3,765 shares of Innovex International stock in a transaction dated Friday, December 13th. The shares were acquired at an average cost of $13.28 per share, with a total value of $49,999.20. Following the completion of the transaction, the chief financial officer now owns 186,232 shares in the company, valued at $2,473,160.96. The trade was a 2.06 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 3.10% of the company’s stock.

Institutional Trading of Innovex International

Large investors have recently modified their holdings of the company. Principal Financial Group Inc. purchased a new position in Innovex International during the 3rd quarter worth $2,383,000. JPMorgan Chase & Co. bought a new position in shares of Innovex International during the 3rd quarter worth $2,261,000. Barclays PLC bought a new position in shares of Innovex International during the 3rd quarter worth $874,000. Central Pacific Bank Trust Division purchased a new position in shares of Innovex International during the fourth quarter valued at $63,000. Finally, Moody National Bank Trust Division bought a new stake in shares of Innovex International in the fourth quarter valued at about $234,000.

Innovex International Stock Up 16.8 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.87 and a quick ratio of 2.17. The business has a 50 day moving average price of $15.74. The firm has a market capitalization of $1.27 billion, a P/E ratio of 13.37 and a beta of 0.89.

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.