Innovex International (NYSE:INVX) Shares Gap Up on 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 changing hands.

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

Analyst Upgrades and Downgrades

INVX has been the topic of several recent analyst reports. Pickering Energy Partners upgraded shares of Innovex International from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 14th. Barclays reduced 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.

Insider Transactions at Innovex International

In related news, CFO Kendal Reed purchased 3,765 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were bought at an average price of $13.28 per share, for a total transaction of $49,999.20. Following 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 represents a 2.06 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Innovex International

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

Innovex International Stock Up 13.6 %

The stock has a market cap of $1.23 billion, a PE ratio of 13.01 and a beta of 0.89. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.17 and a current ratio of 3.87. The company’s fifty day moving average is $15.63.

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.