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

Zacks Investment Research upgraded shares of Intrepid Potash (NYSE:IPI) from a hold rating to a buy rating in a research report report published on Thursday morning, Zacks.com reports. The firm currently has $36.00 target price 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 brokerages also recently weighed in on IPI. Roth Capital increased their price objective on shares of Intrepid Potash from $11.00 to $38.00 and gave the company a buy rating in a research report on Thursday, March 4th. BMO Capital Markets upped their target price on shares of Intrepid Potash from $15.00 to $30.00 and gave the company a market perform rating in a report on Wednesday, March 3rd. Finally, TheStreet raised shares of Intrepid Potash from a d+ rating to a c- rating in a research note on Friday, March 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. Intrepid Potash has a consensus rating of Hold and an average target price of $26.15.

Shares of NYSE IPI opened at $30.99 on Thursday. The firm’s 50 day moving average price is $32.61 and its 200-day moving average price is $21.36. The company has a market cap of $416.88 million, a PE ratio of -16.48 and a beta of 2.26. Intrepid Potash has a 52-week low of $7.60 and a 52-week high of $39.19. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.64 and a current ratio of 1.96.

Intrepid Potash (NYSE:IPI) last issued its quarterly earnings data on Sunday, February 28th. The basic materials company reported ($0.05) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.09. The company had revenue of $39.71 million for the quarter, compared to the consensus estimate of $37.62 million. Intrepid Potash had a negative net margin of 12.34% and a negative return on equity of 4.43%. During the same quarter in the prior year, the firm earned $0.20 earnings per share. On average, analysts forecast that Intrepid Potash will post -1.73 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of IPI. ExodusPoint Capital Management LP purchased a new position in Intrepid Potash during the third quarter valued at $121,000. Radnor Capital Management LLC bought a new position in Intrepid Potash during the fourth quarter valued at $574,000. Royce & Associates LP lifted its position in Intrepid Potash by 166.7% during the fourth quarter. Royce & Associates LP now owns 596,175 shares of the basic materials company’s stock valued at $14,398,000 after purchasing an additional 372,667 shares during the last quarter. Rhumbline Advisers lifted its position in Intrepid Potash by 14.7% during the fourth quarter. Rhumbline Advisers now owns 16,528 shares of the basic materials company’s stock valued at $399,000 after purchasing an additional 2,114 shares during the last quarter. Finally, Citigroup Inc. lifted its holdings in shares of Intrepid Potash by 316.0% in the 4th quarter. Citigroup Inc. now owns 1,922 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 1,460 shares during the last quarter. 30.83% of the stock is owned by institutional investors.

Intrepid Potash Company Profile

Intrepid Potash, Inc produces and sells potash and langbeinite products in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The Potash segment offers muriate of potash or potassium chloride for use as a fertilizer input in the agricultural market; as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes in the industrial market; and as a nutrient supplement in the animal feed market.

Further Reading: How to invest in blue-chip stocks

Get a free copy of the Zacks research report on Intrepid Potash (IPI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Intrepid Potash Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intrepid Potash and related companies with MarketBeat.com's FREE daily email newsletter.