Intrepid Potash (NYSE:IPI) Releases Quarterly Earnings Results, Misses Estimates By $0.22 EPS

Intrepid Potash (NYSE:IPI) announced its quarterly earnings results on Tuesday. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.22), FiscalAI reports. The company had revenue of $66.69 million for the quarter, compared to the consensus estimate of $64.86 million. Intrepid Potash had a return on equity of 4.53% and a net margin of 4.68%.

Intrepid Potash Stock Up 2.0%

IPI stock traded up $0.68 during midday trading on Tuesday, hitting $33.97. The company’s stock had a trading volume of 232,707 shares, compared to its average volume of 268,484. The stock’s 50-day moving average price is $35.06 and its 200 day moving average price is $36.96. Intrepid Potash has a 1 year low of $22.55 and a 1 year high of $50.34. The stock has a market cap of $456.22 million, a price-to-earnings ratio of 32.05 and a beta of 1.24.

Insider Activity

In other news, Director Lori A. Lancaster sold 4,800 shares of Intrepid Potash stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $45.24, for a total transaction of $217,152.00. Following the sale, the director directly owned 10,540 shares in the company, valued at $476,829.60. The trade was a 31.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Intrepid Potash

A number of large investors have recently added to or reduced their stakes in the stock. Sherbrooke Park Advisers LLC purchased a new position in Intrepid Potash in the third quarter valued at about $255,000. Polymer Capital Management US LLC purchased a new stake in shares of Intrepid Potash during the 3rd quarter worth approximately $204,000. Prelude Capital Management LLC bought a new stake in shares of Intrepid Potash in the 3rd quarter worth approximately $263,000. Brevan Howard Capital Management LP bought a new stake in shares of Intrepid Potash in the 3rd quarter worth approximately $355,000. Finally, Creative Planning purchased a new position in Intrepid Potash in the third quarter valued at approximately $227,000. Hedge funds and other institutional investors own 56.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on IPI. Weiss Ratings upgraded Intrepid Potash from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Freedom Capital upgraded shares of Intrepid Potash to a “strong-buy” rating in a report on Friday, July 24th. UBS Group raised their price target on shares of Intrepid Potash from $25.00 to $26.00 and gave the company a “sell” rating in a research report on Thursday, May 14th. Finally, Zacks Research cut shares of Intrepid Potash from a “hold” rating to a “strong sell” rating in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $26.00.

About Intrepid Potash

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company’s primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.