NOV (NYSE:NOV) Price Target Lowered to $24.00 at Stifel Nicolaus

NOV (NYSE:NOV) had its price target reduced by investment analysts at Stifel Nicolaus from $25.00 to $24.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the oil and gas exploration company’s stock. Stifel Nicolaus’ price objective indicates a potential upside of 52.57% from the stock’s previous close.

NOV has been the topic of a number of other reports. Piper Sandler decreased their price objective on NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Morgan Stanley lowered their target price on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Susquehanna lowered their price objective on shares of NOV from $26.00 to $22.00 and set a “positive” rating for the company in a research report on Friday, October 11th. Bank of America cut their target price on NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $24.00 price objective on shares of NOV in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, NOV presently has a consensus rating of “Moderate Buy” and an average target price of $22.07.

NOV Trading Up 0.1 %

Shares of NYSE NOV traded up $0.01 during trading on Monday, hitting $15.73. 227,127 shares of the company were exchanged, compared to its average volume of 3,703,425. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61. NOV has a 12-month low of $14.98 and a 12-month high of $21.23. The company has a fifty day moving average price of $16.50 and a 200-day moving average price of $17.82. The firm has a market capitalization of $6.19 billion, a PE ratio of 5.89, a P/E/G ratio of 0.89 and a beta of 1.67.

NOV (NYSE:NOV) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.22. The company had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. NOV’s revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.39 EPS. As a group, equities research analysts expect that NOV will post 1.6 EPS for the current year.

Institutional Investors Weigh In On NOV

Several hedge funds and other institutional investors have recently bought and sold shares of NOV. Park Avenue Securities LLC grew its holdings in shares of NOV by 7.5% during the first quarter. Park Avenue Securities LLC now owns 17,020 shares of the oil and gas exploration company’s stock worth $332,000 after purchasing an additional 1,194 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in NOV by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock valued at $75,813,000 after buying an additional 42,717 shares during the last quarter. State of Michigan Retirement System boosted its holdings in shares of NOV by 2.4% in the first quarter. State of Michigan Retirement System now owns 96,777 shares of the oil and gas exploration company’s stock valued at $1,889,000 after acquiring an additional 2,300 shares during the period. Norden Group LLC purchased a new position in shares of NOV during the first quarter worth approximately $196,000. Finally, Retirement Systems of Alabama raised its position in NOV by 5.0% in the 1st quarter. Retirement Systems of Alabama now owns 968,972 shares of the oil and gas exploration company’s stock valued at $18,914,000 after purchasing an additional 45,798 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Company Profile

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally. It operates through two segments, Energy Equipment, and Energy Products and Services. The company provides solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.