Ingevity (NYSE:NGVT) Posts Earnings Results, Beats Expectations By $0.15 EPS

Ingevity (NYSE:NGVT) issued its quarterly earnings data on Wednesday. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.15, Briefing.com reports. Ingevity had a negative net margin of 6.84% and a positive return on equity of 17.83%. The company had revenue of $340.10 million for the quarter, compared to the consensus estimate of $319.15 million. During the same quarter in the prior year, the firm earned $1.09 earnings per share. The firm’s revenue for the quarter was down 13.4% compared to the same quarter last year. Ingevity updated its FY 2024 guidance to EPS.

Ingevity Trading Down 2.3 %

Shares of NYSE NGVT traded down $1.24 during midday trading on Friday, reaching $53.56. The stock had a trading volume of 374,454 shares, compared to its average volume of 231,710. Ingevity has a 12-month low of $36.66 and a 12-month high of $68.11. The stock has a 50-day moving average of $46.90 and a 200-day moving average of $44.07. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.96 and a current ratio of 1.81.

Wall Street Analyst Weigh In

NGVT has been the topic of a number of research reports. Wells Fargo & Company raised their price target on Ingevity from $43.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Friday, February 23rd. Oppenheimer upped their price target on shares of Ingevity from $50.00 to $58.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Jefferies Financial Group raised shares of Ingevity from a “hold” rating to a “buy” rating and raised their price objective for the stock from $52.00 to $62.00 in a report on Monday, April 22nd. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $52.50.

About Ingevity

Ingevity Corporation manufactures and sells activated carbon products, derivative specialty chemicals, and engineered polymers in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. It operates through three segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.