Intrepid Potash (NYSE:IPI) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Intrepid Potash (NYSE:IPI) from a hold rating to a buy rating in a report published on Tuesday, Zacks.com reports. They currently have $34.00 price target on the basic materials company’s stock.

According to Zacks, “INTREPID POTASH, Inc. is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and langbeinite, another mineral containing potassium. Intrepid owns five active potash production facilities — three in New Mexico and two in Utah “

A number of other research firms also recently commented on IPI. Roth Capital dropped their target price on shares of Intrepid Potash from $42.00 to $38.00 and set a buy rating on the stock in a report on Friday, August 20th. BMO Capital Markets cut their price target on shares of Intrepid Potash from $30.00 to $27.00 and set a market perform rating on the stock in a report on Friday, August 20th.

IPI stock opened at $30.83 on Tuesday. Intrepid Potash has a 52 week low of $7.94 and a 52 week high of $39.19. The company has a market capitalization of $414.79 million, a price-to-earnings ratio of 38.06 and a beta of 2.18. The firm’s 50-day moving average is $31.22 and its two-hundred day moving average is $30.81.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings results on Sunday, August 1st. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.13. Intrepid Potash had a net margin of 4.90% and a negative return on equity of 0.25%. The company had revenue of $57.77 million for the quarter, compared to the consensus estimate of $48.60 million. During the same period in the previous year, the firm earned ($0.70) EPS. As a group, sell-side analysts anticipate that Intrepid Potash will post 2.3 EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. GSA Capital Partners LLP bought a new position in shares of Intrepid Potash in the first quarter worth about $220,000. Quantitative Systematic Strategies LLC bought a new position in shares of Intrepid Potash in the second quarter worth about $278,000. MYDA Advisors LLC increased its stake in shares of Intrepid Potash by 66.7% in the first quarter. MYDA Advisors LLC now owns 30,000 shares of the basic materials company’s stock worth $977,000 after purchasing an additional 12,000 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Intrepid Potash by 14.3% in the first quarter. Dimensional Fund Advisors LP now owns 598,727 shares of the basic materials company’s stock worth $19,494,000 after purchasing an additional 74,995 shares during the period. Finally, Acadian Asset Management LLC increased its stake in shares of Intrepid Potash by 42.2% in the first quarter. Acadian Asset Management LLC now owns 118,539 shares of the basic materials company’s stock worth $3,858,000 after purchasing an additional 35,195 shares during the period. 35.10% of the stock is owned by institutional investors and hedge funds.

About Intrepid Potash

Intrepid Potash, Inc engages in the delivery of potassium, magnesium, sulfur, and salt essential. The firm serves the agriculture, organics, animal feed, industrial, and oilfield solutions industries. It operates through the following segments: Potash, Oilfield Solutions, and Trio. The company was founded in January 2000 and is headquartered in Denver, CO.

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