UBS Group Issues Positive Forecast for Intrepid Potash (NYSE:IPI) Stock Price

Intrepid Potash (NYSE:IPI) had its price objective upped by UBS Group from $21.00 to $24.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a sell rating on the basic materials company’s stock.

Separately, Wall Street Zen upgraded Intrepid Potash from a “sell” rating to a “hold” rating in a research note on Tuesday, May 6th.

Intrepid Potash Stock Down 2.2%

Intrepid Potash stock opened at $35.94 on Wednesday. The business has a 50-day simple moving average of $36.22 and a two-hundred day simple moving average of $31.11. The company has a market cap of $478.55 million, a P/E ratio of -2.26 and a beta of 1.72. Intrepid Potash has a 52-week low of $20.75 and a 52-week high of $39.01.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings results on Monday, May 5th. The basic materials company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.51. The business had revenue of $97.76 million during the quarter, compared to the consensus estimate of $72.34 million. Intrepid Potash had a positive return on equity of 0.31% and a negative net margin of 75.09%. Research analysts anticipate that Intrepid Potash will post -0.17 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Robert P. Jornayvaz III sold 59,701 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $37.66, for a total transaction of $2,248,339.66. Following the completion of the transaction, the insider directly owned 1,044,162 shares in the company, valued at approximately $39,323,140.92. The trade was a 5.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 135,806 shares of company stock worth $4,922,413. Insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. New York State Teachers Retirement System purchased a new stake in shares of Intrepid Potash during the 1st quarter worth approximately $29,000. State of Wyoming purchased a new stake in shares of Intrepid Potash during the 4th quarter worth approximately $46,000. BNP Paribas Financial Markets purchased a new stake in shares of Intrepid Potash during the 4th quarter worth approximately $87,000. FNY Investment Advisers LLC purchased a new stake in shares of Intrepid Potash during the 1st quarter worth approximately $102,000. Finally, Aquatic Capital Management LLC raised its holdings in shares of Intrepid Potash by 274.3% during the 4th quarter. Aquatic Capital Management LLC now owns 5,614 shares of the basic materials company’s stock worth $123,000 after acquiring an additional 4,114 shares in the last quarter. 56.13% of the stock is owned by hedge funds and other institutional investors.

Intrepid Potash Company Profile

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.