Intrepid Potash (NYSE:IPI) Raised to Buy at Wall Street Zen

Intrepid Potash (NYSE:IPI) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

Separately, UBS Group cut their price target on Intrepid Potash from $24.00 to $23.00 and set a “sell” rating on the stock in a report on Thursday, August 7th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of “Sell” and a consensus target price of $23.00.

Intrepid Potash Stock Performance

Intrepid Potash stock opened at $28.06 on Friday. The stock has a fifty day moving average of $33.61 and a 200 day moving average of $31.68. The stock has a market cap of $373.65 million, a PE ratio of -1.80 and a beta of 1.78. Intrepid Potash has a one year low of $20.86 and a one year high of $39.01.

Intrepid Potash (NYSE:IPI) last released its earnings results on Wednesday, August 6th. The basic materials company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.28. Intrepid Potash had a positive return on equity of 1.48% and a negative net margin of 71.13%.The firm had revenue of $71.47 million during the quarter, compared to analysts’ expectations of $56.14 million. As a group, sell-side analysts predict that Intrepid Potash will post -0.17 EPS for the current fiscal year.

Insider Buying and Selling

In other Intrepid Potash news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $34.30, for a total transaction of $1,819,100.50. Following the transaction, the insider directly owned 3,950 shares in the company, valued at $135,485. This represents a 93.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Intrepid Potash

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. New York State Teachers Retirement System acquired a new position in shares of Intrepid Potash during the 1st quarter valued at $29,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Intrepid Potash by 197.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 544 shares in the last quarter. State of Wyoming acquired a new position in shares of Intrepid Potash during the 4th quarter valued at $46,000. Tower Research Capital LLC TRC lifted its holdings in shares of Intrepid Potash by 80.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company’s stock valued at $49,000 after acquiring an additional 607 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Intrepid Potash by 123.0% during the 2nd quarter. Legal & General Group Plc now owns 2,112 shares of the basic materials company’s stock valued at $75,000 after acquiring an additional 1,165 shares in the last quarter. 56.13% of the stock is currently owned by institutional investors and hedge funds.

About Intrepid Potash

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.