Innospec (IOSP) is Upgraded by Monness Crespi & Hardt to Buy, Price Target at $60

Innospec (IOSP) was Upgraded by Monness Crespi & Hardt to ” Buy” and the brokerage firm has set the Price Target at $60. Earlier the firm had a rating of “Neutral ” on the company shares. Monness Crespi & Hardt advised their investors in a research report released on Aug 4, 2016.

On the company’s financial health, Innospec reported $1.03 EPS for the quarter, beating the analyst consensus estimate by $ 0.15 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.88. The company had revenue of $228.00 million for the quarter, compared to analysts expectations of $230.30 million. The company’s revenue was down -6.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.02 EPS.

Innospec opened for trading at $50.2 and hit $50.85 on the upside on Tusday, eventually ending the session at $50.44, with a gain of 0.04% or 0.02 points. The heightened volatility saw the trading volume jump to 2,25,387 shares. Company has a market cap of $1,209 M.

In a different news, on Mar 18, 2016, Patrick Joseph Mcduff (EVP & PRESIDENT FS AMERICAS) sold 489 shares at $43.05 per share price. According to the SEC, on Mar 3, 2016, Catherine Hessner (Senior VP – Human Resources) sold 1,455 shares at $43.80 per share price. On Feb 24, 2016, Ian Cleminson (VP & CFO) sold 1,527 shares at $43.72 per share price, according to the Form-4 filing with the securities and exchange commission.

Innospec Inc. develops manufactures blends markets and supplies fuel additives oilfield chemicals personal care and fragrance ingredients and other specialty chemicals. The Company’s products are sold primarily to oil and gas exploration and production companies oil refineries personal care and fragrance companies and other chemical and industrial companies. Its fuel additives improve fuel efficiency boost engine performance and reduce harmful emissions. Its oilfield specialties business supplies drilling and production chemicals for exploration and production. Its other specialty chemicals provide technology-based solutions for its customers’ processes or products focused in the Personal Care Polymers and Fragrance Ingredients markets. Its Octane Additives business manufactures products for use in automotive gasoline and provides services in the environmental remediation. The Company has three business segments: Fuel Specialties Performance Chemicals and Octane Additives.


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