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

Innovex International, Inc. (NYSE:INVX)’s share price gapped up before the market opened 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 (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $250.69 million during the quarter.

Wall Street Analyst Weigh In

Several brokerages recently commented on INVX. Barclays cut their target price on 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 shares of Innovex International from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 14th.

Insider Buying and Selling

In other Innovex International news, CFO Kendal Reed acquired 3,765 shares of the business’s stock in a transaction on Friday, December 13th. The shares were acquired at an average price 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 approximately $2,473,160.96. This trade represents a 2.06 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 3.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Innovex International

Several large investors have recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division purchased a new stake in shares of Innovex International in the fourth quarter worth about $63,000. KLP Kapitalforvaltning AS bought a new position in shares of Innovex International during the 4th quarter valued at about $88,000. Oregon Public Employees Retirement Fund lifted its holdings in shares of Innovex International by 9.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 8,852 shares of the company’s stock worth $124,000 after acquiring an additional 758 shares during the last quarter. Aigen Investment Management LP bought a new stake in Innovex International in the fourth quarter worth $142,000. Finally, ProShare Advisors LLC purchased a new stake in Innovex International during the 4th quarter valued at about $145,000.

Innovex International Stock Performance

The company has a quick ratio of 2.17, a current ratio of 3.87 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average of $15.63. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 13.01 and a beta of 0.89.

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.