Innovex International (NYSE:INVX) Now Covered by Analysts at JPMorgan Chase & Co.

Equities researchers at JPMorgan Chase & Co. started coverage on shares of Innovex International (NYSE:INVX) in a note issued to investors on Tuesday, Briefing.com reports. The brokerage set a “neutral” rating and a $33.00 price target on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 7.35% from the stock’s previous close.

Several other brokerages have also issued reports on INVX. Barclays raised their price objective on Innovex International from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 11th. Citigroup lifted their price objective on shares of Innovex International from $35.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Zacks Research lowered Innovex International from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Weiss Ratings upgraded Innovex International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Finally, Wall Street Zen downgraded shares of Innovex International from a “buy” rating to a “hold” rating in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.80.

Innovex International Price Performance

Shares of NYSE INVX opened at $30.74 on Tuesday. The stock’s 50-day moving average is $28.91 and its two-hundred day moving average is $27.01. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.01 and a quick ratio of 3.32. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 34.54 and a beta of 0.92. Innovex International has a 1-year low of $19.07 and a 1-year high of $33.71.

Innovex International (NYSE:INVX) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. Innovex International had a net margin of 6.17% and a return on equity of 7.12%. The business had revenue of $244.90 million for the quarter, compared to analyst estimates of $241.58 million. Analysts forecast that Innovex International will post 1.44 EPS for the current fiscal year.

Insider Buying and Selling at Innovex International

In related news, insider Mark Reddout sold 10,000 shares of Innovex International stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the sale, the insider owned 124,312 shares in the company, valued at approximately $3,729,360. This trade represents a 7.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Co-Invest Fund L.P. Innovex sold 4,954,467 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $28.71, for a total transaction of $142,242,747.57. Following the completion of the transaction, the director directly owned 311 shares of the company’s stock, valued at approximately $8,928.81. This represents a 99.99% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 9,964,467 shares of company stock worth $286,092,748. 34.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innovex International

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Innovex International during the 2nd quarter worth about $160,389,000. Dimensional Fund Advisors LP lifted its position in shares of Innovex International by 14.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,646,376 shares of the company’s stock worth $64,544,000 after purchasing an additional 335,839 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Innovex International in the second quarter valued at $16,540,000. William Blair Investment Management LLC acquired a new stake in Innovex International during the 2nd quarter valued at $11,492,000. Finally, Heartland Advisors Inc. purchased a new stake in Innovex International during the 2nd quarter worth $11,020,000.

Innovex International Company Profile

Innovex International, Inc is an energy technology and oilfield equipment company that provides products and services used throughout the life cycle of oil and natural gas wells. Its offerings support drilling, completion, production, intervention and other well-construction and well-maintenance activities for operators and oilfield service companies.

The company’s portfolio includes downhole tools and technologies, completion equipment, wellhead and production systems, and equipment used in onshore and offshore applications.