NOV (NYSE:NOV) Price Target Lowered to $23.00 at Morgan Stanley

NOV (NYSE:NOV) had its price target dropped by research analysts at Morgan Stanley from $25.00 to $23.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas exploration company’s stock. Morgan Stanley’s target price indicates a potential upside of 44.56% from the company’s current price.

Several other brokerages also recently commented on NOV. Royal Bank of Canada reiterated a “sector perform” rating and set a $24.00 target price on shares of NOV in a research note on Monday, July 29th. Barclays lifted their price objective on NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Tuesday, July 30th. Piper Sandler dropped their price target on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. TD Cowen increased their price objective on shares of NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, Evercore ISI raised shares of NOV to a “strong-buy” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.42.

NOV Stock Up 0.3 %

NYSE:NOV traded up $0.05 during mid-day trading on Monday, hitting $15.91. 2,320,809 shares of the company’s stock were exchanged, compared to its average volume of 3,640,579. The company has a market cap of $6.26 billion, a PE ratio of 6.39, a P/E/G ratio of 0.47 and a beta of 1.67. The business has a fifty day moving average price of $18.01 and a 200 day moving average price of $18.40. NOV has a one year low of $15.47 and a one year high of $21.71. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64.

NOV (NYSE:NOV) last issued its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the company earned $0.39 earnings per share. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. Equities analysts predict that NOV will post 1.63 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Pzena Investment Management LLC raised its stake in NOV by 0.3% in the second quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock worth $668,694,000 after buying an additional 103,238 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of NOV by 40.0% during the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after buying an additional 3,470,860 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of NOV by 67.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after buying an additional 3,989,095 shares during the last quarter. Balyasny Asset Management L.P. raised its stake in shares of NOV by 769.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock worth $125,048,000 after acquiring an additional 5,456,581 shares in the last quarter. Finally, Boston Partners purchased a new stake in NOV during the first quarter valued at approximately $119,686,000. 93.27% of the stock is currently owned by 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.