Barclays Trims NOV (NYSE:NOV) Target Price to $16.00

NOV (NYSE:NOV) had its target price lowered by stock analysts at Barclays from $17.00 to $16.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the oil and gas exploration company’s stock. Barclays‘s target price would indicate a potential upside of 3.93% from the company’s previous close.

Several other brokerages also recently issued reports on NOV. BMO Capital Markets decreased their price objective on shares of NOV from $22.00 to $20.00 and set a “market perform” rating for the company in a research note on Thursday, October 10th. Morgan Stanley dropped their price objective on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 target price on shares of NOV in a research note on Monday, July 29th. Bank of America lowered their target price on shares of NOV from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Finally, Benchmark reiterated a “hold” rating on shares of NOV in a report on Friday, July 26th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.93.

NOV Trading Down 2.1 %

NOV stock opened at $15.40 on Tuesday. The firm’s fifty day simple moving average is $16.44 and its two-hundred day simple moving average is $17.79. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of 5.68, a price-to-earnings-growth ratio of 0.91 and a beta of 1.67. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26. NOV has a twelve month low of $14.98 and a twelve month high of $21.23.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rothschild Investment LLC bought a new stake in NOV during the second quarter valued at about $28,000. American National Bank & Trust bought a new position in NOV in the third quarter worth about $39,000. International Assets Investment Management LLC lifted its position in shares of NOV by 1,590.1% during the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock valued at $46,000 after buying an additional 2,735 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of NOV in the 2nd quarter worth approximately $78,000. Finally, Signaturefd LLC grew its position in shares of NOV by 67.6% in the 2nd quarter. Signaturefd LLC now owns 4,443 shares of the oil and gas exploration company’s stock worth $84,000 after buying an additional 1,792 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

About NOV

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.