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

Innovex International, Inc. (NYSE:INVX) gapped up before the market opened 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 trading hands.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on INVX. Pickering Energy Partners upgraded shares of Innovex International from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 14th. Barclays lowered their price target 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 Activity at Innovex International

In other 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 price of $13.28 per share, with a total value of $49,999.20. Following the completion of the purchase, 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 acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Brandes Investment Partners LP boosted its position in 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 buying an additional 1,841,686 shares during the period. Vanguard Group Inc. grew its holdings in Innovex International by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 4,263,005 shares of the company’s stock worth $59,554,000 after purchasing an additional 221,598 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Innovex International by 1.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,940,375 shares of the company’s stock valued at $27,107,000 after buying an additional 27,726 shares during the last quarter. Madison Avenue Partners LP raised its stake in Innovex International by 64.6% in the fourth quarter. Madison Avenue Partners LP now owns 1,686,476 shares of the company’s stock valued at $23,560,000 after buying an additional 662,009 shares during the last quarter. Finally, William Blair Investment Management LLC grew its position in Innovex International by 1.9% during the 4th quarter. William Blair Investment Management LLC now owns 1,345,885 shares of the company’s stock worth $18,802,000 after purchasing an additional 24,944 shares during the last quarter.

Innovex International Stock Performance

The business has a 50 day simple moving average of $15.74. The stock has a market cap of $1.29 billion, a P/E ratio of 13.62 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.

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.