# Infinity Natural Resources, Inc. (INR)

> Source: Nexqual · https://nexqual.com/INR · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Infinity Natural Resources, Inc. (INR), nexqual.com/INR" · informational, not investment advice.

**Price:** USD 14.34 (+3.84% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 13.81 · day 13.84–14.5 · 52w 11.13–19.59 · market cap $267M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $523M, net income $61.0M (11.7% margin) (SEC filings).
- Valuation: P/E 4.4x (avg 64.9x at the last 1 fiscal year-ends).
- Insider open-market purchases, last ~7 months: 10 Form 4 filings, $2.6M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.78 on a 1–5 scale) (9 analysts), mean target USD 21.44 (range 17–26).
- Total return with dividends: 1Y +22.4% vs S&P 500 +13.4%; 5Y -31.9% vs S&P 500 +76.9%.
- Next earnings: 2026-11-09, EPS estimate USD 0.83, revenue estimate $181M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $162M | $259M | $356M | $523M |
| Operating income | $52.7M | $93.7M | $11.9M | $214M |
| Net income | $86.7M | $0K | $13.8M | $61.0M |
| EPS (diluted) | $0.00 | $0.00 | $0.89 | — |
| Operating margin | 32.6% | 36.2% | 3.3% | 40.9% |
| Net margin | 53.6% | 0.0% | 3.9% | 11.7% |
| Revenue growth | — | +60.2% | +37.6% | — |
| Cash + short-term investments | $1.5M | $2.2M | $2.8M | — |
| Total debt | — | $260M | $55K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 4.4x · P/S 0.5x · P/B 0.7x · Earnings yield 22.80%
P/E at fiscal year-ends: Dec 2025 64.9x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
10 purchases, $2.6M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-24…2026-09-25 | Baetz Cary D | EVP and CFO | 22,316 | $300K | 13.44 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-21…2026-09-22 | Gieselman Scott | Director | 28,467 | $364K | 12.78 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-17 | Gieselman Scott | Director | 10,000 | $129K | 12.94 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-12 | Gray Steven D | Director | 25,000 | $320K | 12.81 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-11 | Quinn William J | Director | 11,497 | $152K | 13.2 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-10…2026-06-11 | Poole David P | Director | 11,500 | $159K | 13.82 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-05 | Quinn William J | Director | 44,000 | $580K | 13.19 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-03 | Quinn William J | Director | 10,503 | $139K | 13.2 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-02…2026-06-03 | Gieselman Scott | Director | 14,100 | $188K | 13.36 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-22…2026-05-26 | Gieselman Scott | Director | 20,900 | $295K | 14.11 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.78 on a 1–5 scale), 9 analysts; mean target USD 21.44 (low 17, high 26).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Scotiabank | Initiated | Sector Outperform | $17 |
| 2026-10-14 | RBC Capital | Target lowered | Outperform | $22 → $21 |
| 2026-07-08 | Stephens & Co. | Target lowered | Overweight | $24 → $23 |
| 2026-07-08 | Raymond James | Target lowered | Strong Buy | $30 → $26 |
| 2026-07-07 | RBC Capital | Reiterated | Outperform | $27 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2025-01-27) |
|---|---|---|
| Total return | +22.4% | -31.9% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +22.4% | -19.9% |
| Volatility (annualized) | 46.1% | 44.9% |
| Max drawdown | -36.4% (Mar 2026→Jul 2026) | -46.1% (Feb 2025→Oct 2025) |

## Peers (Oil & Gas E&P)
BSM (Black Stone Minerals, L.P.) USD 14.97 +1.77% · BTE (Baytex Energy Corp) USD 5.5 +3.38% · CRK (Comstock Resources, Inc.) USD 14.13 +1.15% · CRC (California Resources Corporatio) USD 54.53 +2.96% · CNX (CNX Resources Corporation) USD 36.54 +2.27% · CRGY (Crescent Energy Company) USD 13.83 +3.75%

## More
Full page: https://nexqual.com/INR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in INR's own 10-K filed 2026-03-10 (https://www.sec.gov/Archives/edgar/data/2029118/000202911826000014/inr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Wright & Company | "Our internal staff of petroleum engineers works closely with Wright to ensure the integrity, accuracy and timeliness of data furnished to Wright." |
| Partner | Northern Oil and Gas | "We and Northern jointly own the Antero Ohio Assets pursuant to an undivided interest acquisition structure and are subject to a cooperation agreement, infrastructure joint ownership agreement and joint operating agreemen…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Oil, natural gas, and natural gas liquids sales | $170.4M | 100.0% | +135.1% |
| — Oil revenues (part of Oil, natural gas, and natural gas liquids sales) | $96.6M | 56.7% | +206.1% |
| — Natural gas revenues (part of Oil, natural gas, and natural gas liquids sales) | $46.1M | 27.1% | +51.4% |
| — NGL revenues (part of Oil, natural gas, and natural gas liquids sales) | $27.7M | 16.2% | +165.2% |
| Midstream and other revenues | $609,000 | 0.4% | -69.6% |
| Total revenue | $170.4M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 35%, 33%, 16%, 0% of revenue from unnamed direct customers (10-K, filed 2026-03-10).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.83 | $0.88 | -5.5% | $181.2M | 6 |
| Next quarter (ends 2026-12-31) | $0.76 | $0.95 | -19.8% | $184.4M | 5 |
| Current fiscal year (ends 2026-12-31) | $3.21 | $3.38 | -4.9% | $682.6M | 6 |
| Next fiscal year (ends 2027-12-31) | $3.29 | $3.93 | -16.3% | $774.6M | 6 |