Oil prices hold sharp losses with focus on secondary India tariffs
David B. Jones, Senior Vice President, General Counsel, and Chief Compliance Officer at Innospec Inc . (NASDAQ:IOSP), recently executed a significant stock transaction. On February 21, Jones sold 3,091 shares of Innospec common stock at an average price of $103.30 per share, amounting to a total of approximately $319,304. Following this transaction, Jones retains ownership of 9,664 shares in the company. The sale comes as Innospec trades near its 52-week low of $99.49, with the stock currently valued at a P/E ratio of 18x.
Prior to the sale, Jones acquired 3,091 shares at no cost, which were obtained through the settlement of a performance-based restricted stock unit award granted on February 21, 2022. This acquisition did not involve any cash transaction, as the shares were awarded based on performance metrics. The company has demonstrated strong financial discipline, maintaining dividend payments for 13 consecutive years with a current yield of 1.55%.
Innospec Inc., based in Englewood, Colorado, operates in the chemicals and allied products sector, providing specialty chemicals and services. The company maintains a solid financial position with more cash than debt and a healthy current ratio of 2.58x. InvestingPro analysis reveals 12 additional key insights about Innospec’s financial health and growth prospects, available in the comprehensive Pro Research Report.
In other recent news, Innospec Inc. reported its fourth-quarter 2024 earnings, exceeding analysts’ expectations with an earnings per share (EPS) of $1.41, surpassing the forecasted $1.36. The company’s revenue also outperformed projections, reaching $466.8 million compared to the anticipated $458.23 million. Despite these positive results, the company experienced a significant decline in its Oilfield Services segment, with revenue dropping by 40%, which may have contributed to investor concerns. Performance Chemicals and Fuel Specialties, however, showed strong revenue growth, helping offset some of the challenges faced by Oilfield Services.
Innospec’s full-year revenue stood at $1.85 billion, a 5% decrease from the previous year, while adjusted EBITDA rose to $225.2 million from $216 million in 2023. The company maintains a robust balance sheet with $289.2 million in cash and no debt. Looking ahead, Innospec aims to improve operating income and margins to 2022 levels, with expectations of sequential quarterly improvements and a partial recovery in the Oilfield Services segment in the latter half of 2025. Additionally, the company anticipates an effective tax rate of around 27% for 2025.
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