NOV (NYSE:NOV) Price Target Cut to $20.00

NOV (NYSE:NOV) had its target price reduced by equities research analysts at BMO Capital Markets from $22.00 to $20.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “market perform” rating on the oil and gas exploration company’s stock. BMO Capital Markets’ price target suggests a potential upside of 22.06% from the stock’s previous close.

NOV has been the subject of a number of other reports. Evercore ISI raised NOV to a “strong-buy” rating in a research report on Friday, July 26th. Citigroup lowered their target price on NOV from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, October 3rd. JPMorgan Chase & Co. reduced their price target on shares of NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Bank of America lowered their price objective on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Finally, Barclays lifted their price objective on shares of NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, NOV has an average rating of “Moderate Buy” and a consensus target price of $22.93.

NOV Stock Performance

Shares of NOV opened at $16.39 on Thursday. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. The firm’s fifty day simple moving average is $16.93 and its two-hundred day simple moving average is $18.15. NOV has a 12 month low of $15.47 and a 12 month high of $21.53. The stock has a market capitalization of $6.45 billion, a P/E ratio of 6.14, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67.

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 for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. NOV’s revenue was up 5.9% on a year-over-year basis. As a group, analysts predict that NOV will post 1.64 EPS for the current year.

Institutional Trading of NOV

A number of hedge funds have recently bought and sold shares of the business. Diversified Trust Co purchased a new stake in shares of NOV during the 3rd quarter valued at $595,000. SG Americas Securities LLC grew its position in NOV by 34.0% during the third quarter. SG Americas Securities LLC now owns 376,197 shares of the oil and gas exploration company’s stock valued at $6,008,000 after buying an additional 95,468 shares during the period. American National Bank & Trust purchased a new stake in NOV during the third quarter worth about $39,000. Greenhaven Associates Inc. raised its position in NOV by 13.1% in the third quarter. Greenhaven Associates Inc. now owns 2,035,376 shares of the oil and gas exploration company’s stock worth $32,505,000 after acquiring an additional 236,400 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of NOV during the 2nd quarter valued at approximately $125,000. 93.27% of the stock is currently owned by institutional investors.

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.