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

Shares of Innovex International, Inc. (NYSE:INVX) gapped up before the market opened on Wednesday following a better than expected earnings announcement. 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 business had revenue of $250.69 million for the quarter. Innovex International had a net margin of 12.31% and a negative return on equity of 0.73%.

Analyst Ratings Changes

INVX has been the topic of several recent analyst reports. Pickering Energy Partners raised shares of Innovex International from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 14th. Barclays cut their price target on Innovex International from $21.00 to $15.00 and set an “underweight” rating for the company in a report on Tuesday, November 26th.

Insider Transactions at Innovex International

In other news, CFO Kendal Reed purchased 3,765 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were bought 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 directly 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 is available at this link. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Innovex International

Institutional investors have recently bought and sold shares of the company. Amalgamated Bank grew its stake in Innovex International by 6.2% during the 4th quarter. Amalgamated Bank now owns 10,853 shares of the company’s stock worth $152,000 after purchasing an additional 630 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Innovex International by 9.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 8,852 shares of the company’s stock worth $124,000 after purchasing an additional 758 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Innovex International by 4.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,626 shares of the company’s stock valued at $274,000 after acquiring an additional 836 shares during the period. Maryland State Retirement & Pension System boosted its holdings in shares of Innovex International by 9.0% in the fourth quarter. Maryland State Retirement & Pension System now owns 12,681 shares of the company’s stock valued at $177,000 after acquiring an additional 1,047 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its stake in shares of Innovex International by 5.8% during the fourth quarter. Illinois Municipal Retirement Fund now owns 20,878 shares of the company’s stock worth $292,000 after buying an additional 1,149 shares during the period.

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 business has a 50-day moving average of $15.74. The company has a market capitalization of $1.29 billion, a P/E ratio of 13.62 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.