Piper Sandler Forecasts Strong Price Appreciation for NOV (NYSE:NOV) Stock

NOV (NYSE:NOV) had its target price boosted by equities researchers at Piper Sandler from $17.00 to $18.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s price target would indicate a potential upside of 13.25% from the stock’s current price.

Several other equities research analysts also recently weighed in on NOV. Atb Cap Markets downgraded NOV from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Evercore ISI reiterated an “in-line” rating and issued a $18.00 price objective (down previously from $25.00) on shares of NOV in a report on Wednesday, January 15th. Citigroup downgraded NOV from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $21.00 to $18.00 in a report on Monday, November 11th. Royal Bank of Canada increased their price objective on NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a report on Thursday. Finally, Barclays dropped their price objective on NOV from $16.00 to $12.00 and set an “underweight” rating on the stock in a report on Wednesday, December 18th. Two investment 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $19.53.

NOV Trading Up 1.8 %

NOV traded up $0.27 during mid-day trading on Monday, hitting $15.89. 296,740 shares of the stock were exchanged, compared to its average volume of 3,783,490. The firm’s fifty day moving average is $14.91 and its two-hundred day moving average is $16.10. NOV has a 1-year low of $13.94 and a 1-year high of $21.20. The company has a current ratio of 2.46, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. The company has a market cap of $6.18 billion, a PE ratio of 9.83, a PEG ratio of 1.00 and a beta of 1.64.

NOV (NYSE:NOV) last issued its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. Equities analysts forecast that NOV will post 1.42 earnings per share for the current fiscal year.

Insider Activity

In other news, Director David D. Harrison sold 1,784 shares of the firm’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 completion of the sale, the director now directly owns 110,951 shares of the company’s stock, valued at $1,786,311.10. This trade represents a 1.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.85% of the company’s stock.

Institutional Trading of NOV

Several hedge funds have recently modified their holdings of NOV. Creative Planning increased its stake in NOV by 29.8% in the 2nd quarter. Creative Planning now owns 33,815 shares of the oil and gas exploration company’s stock valued at $643,000 after purchasing an additional 7,757 shares in the last quarter. Truist Financial Corp increased its stake in NOV by 3.4% in the 2nd quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock valued at $565,000 after purchasing an additional 991 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in NOV in the 2nd quarter valued at approximately $285,000. nVerses Capital LLC purchased a new position in NOV in the 3rd quarter valued at approximately $487,000. Finally, DiNuzzo Private Wealth Inc. increased its stake in NOV by 10,701.6% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 6,913 shares of the oil and gas exploration company’s stock valued at $110,000 after purchasing an additional 6,849 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

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.