Raymond James Raises NOV (NYSE:NOV) Price Target to $19.00

NOV (NYSE:NOV) had its price objective boosted by stock analysts at Raymond James from $18.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the oil and gas exploration company’s stock. Raymond James’ price objective suggests a potential upside of 21.76% from the stock’s current price.

A number of other brokerages have also weighed in on NOV. Susquehanna lowered their target price on NOV from $22.00 to $21.00 and set a “positive” rating for the company in a research note on Monday, October 28th. Seaport Res Ptn lowered NOV from a “strong-buy” rating to a “hold” rating in a research note on Sunday, January 5th. Citigroup lowered NOV from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $21.00 to $18.00 in a research report on Monday, November 11th. Wells Fargo & Company lowered their price objective on NOV from $16.00 to $15.00 and set an “underweight” rating for the company in a research report on Monday, November 4th. Finally, Royal Bank of Canada lifted their price objective on NOV from $21.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.47.

NOV Price Performance

Shares of NYSE NOV traded down $0.83 during midday trading on Thursday, reaching $15.61. 3,319,717 shares of the company traded hands, compared to its average volume of 3,675,842. The firm has a market cap of $6.07 billion, a PE ratio of 5.76, a PEG ratio of 0.93 and a beta of 1.64. The stock’s 50-day simple moving average is $14.93 and its 200-day simple moving average is $16.16. NOV has a 12 month low of $13.94 and a 12 month high of $21.20. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57.

NOV (NYSE:NOV) last announced its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. NOV had a return on equity of 10.82% and a net margin of 12.05%. As a group, equities analysts anticipate that NOV will post 1.53 earnings per share for the current fiscal year.

Insider Activity

In other NOV news, Director David D. Harrison sold 1,784 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total value of $28,722.40. Following the sale, the director now owns 110,951 shares in the company, valued at approximately $1,786,311.10. The trade was a 1.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NOV

Institutional investors have recently bought and sold shares of the company. Harbor Capital Advisors Inc. lifted its stake in NOV by 10.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 581,446 shares of the oil and gas exploration company’s stock valued at $8,489,000 after acquiring an additional 56,665 shares in the last quarter. Barclays PLC lifted its stake in NOV by 120.1% in the 3rd quarter. Barclays PLC now owns 473,545 shares of the oil and gas exploration company’s stock valued at $7,561,000 after acquiring an additional 258,392 shares in the last quarter. Greenhaven Associates Inc. lifted its stake in NOV by 61.7% in the 4th quarter. Greenhaven Associates Inc. now owns 3,291,042 shares of the oil and gas exploration company’s stock valued at $48,049,000 after acquiring an additional 1,255,666 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of NOV by 1,590.1% during the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 2,735 shares during the last quarter. Finally, Bank of Montreal Can increased its position in shares of NOV by 519.1% during the 3rd quarter. Bank of Montreal Can now owns 438,068 shares of the oil and gas exploration company’s stock worth $7,000,000 after purchasing an additional 367,308 shares during the last quarter. Institutional investors own 93.27% of the company’s stock.

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.