UBS Group Forecasts Strong Price Appreciation for Intrepid Potash (NYSE:IPI) Stock

Intrepid Potash (NYSE:IPI) had its price target boosted by UBS Group from $18.00 to $19.00 in a report issued on Tuesday,Benzinga reports. UBS Group currently has a sell rating on the basic materials company’s stock.

Intrepid Potash Price Performance

Shares of Intrepid Potash stock opened at $27.68 on Tuesday. The firm has a fifty day moving average price of $24.47 and a 200 day moving average price of $24.08. Intrepid Potash has a 1 year low of $17.52 and a 1 year high of $29.75.

Intrepid Potash (NYSE:IPI) last issued its quarterly earnings data on Monday, November 4th. The basic materials company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.25). Intrepid Potash had a negative return on equity of 1.32% and a negative net margin of 16.86%. The firm had revenue of $57.55 million for the quarter, compared to analyst estimates of $42.57 million. During the same period in the previous year, the business earned ($0.53) EPS. As a group, equities analysts expect that Intrepid Potash will post 0.27 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IPI. Rhumbline Advisers increased its stake in Intrepid Potash by 5.0% during the second quarter. Rhumbline Advisers now owns 17,997 shares of the basic materials company’s stock worth $422,000 after acquiring an additional 861 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Intrepid Potash by 7.7% in the 1st quarter. Empowered Funds LLC now owns 31,732 shares of the basic materials company’s stock valued at $662,000 after acquiring an additional 2,275 shares during the period. AQR Capital Management LLC boosted its position in shares of Intrepid Potash by 5.2% during the 2nd quarter. AQR Capital Management LLC now owns 46,364 shares of the basic materials company’s stock worth $1,086,000 after purchasing an additional 2,306 shares during the period. SG Americas Securities LLC purchased a new stake in Intrepid Potash in the third quarter valued at approximately $142,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Intrepid Potash by 14.7% during the second quarter. Bank of New York Mellon Corp now owns 51,775 shares of the basic materials company’s stock worth $1,213,000 after buying an additional 6,632 shares during the period. 56.13% of the stock is owned by institutional investors and hedge funds.

Intrepid Potash Company Profile

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.