NOV (NYSE:NOV) PT Lowered to $26.00

NOV (NYSE:NOV) had its price target cut by research analysts at TD Cowen from $27.00 to $26.00 in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the oil and gas exploration company’s stock. TD Cowen’s target price would indicate a potential upside of 40.69% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. StockNews.com raised shares of NOV from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Benchmark lowered shares of NOV from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Stifel Nicolaus lowered their target price on NOV from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, February 5th. Piper Sandler lowered their target price on NOV from $25.00 to $22.00 and set a “neutral” rating for the company in a research report on Tuesday, February 20th. Finally, Raymond James lowered their target price on NOV from $28.00 to $25.00 and set an “outperform” rating for the company in a research report on Monday, February 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, NOV presently has an average rating of “Hold” and an average target price of $24.07.

NOV Trading Down 4.5 %

NOV stock opened at $18.48 on Monday. The firm has a 50 day moving average of $18.64 and a 200 day moving average of $19.15. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of 7.42, a P/E/G ratio of 0.82 and a beta of 1.74. NOV has a 12-month low of $14.05 and a 12-month high of $21.91. The company has a current ratio of 2.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.28.

NOV (NYSE:NOV) last released its earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.03. NOV had a net margin of 11.23% and a return on equity of 10.21%. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same period in the prior year, the firm posted $0.32 EPS. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. As a group, research analysts predict that NOV will post 1.52 earnings per share for the current year.

Insider Activity at NOV

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $17.43, for a total value of $61,005.00. Following the completion of the transaction, the chief accounting officer now directly owns 114,212 shares in the company, valued at $1,990,715.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NOV

Hedge funds have recently modified their holdings of the stock. Teachers Retirement System of The State of Kentucky increased its holdings in shares of NOV by 93.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 134,503 shares of the oil and gas exploration company’s stock valued at $2,811,000 after acquiring an additional 65,006 shares in the last quarter. Schroder Investment Management Group acquired a new position in shares of NOV during the third quarter valued at about $13,329,000. Sei Investments Co. boosted its position in NOV by 31.4% in the third quarter. Sei Investments Co. now owns 620,105 shares of the oil and gas exploration company’s stock valued at $12,960,000 after buying an additional 148,099 shares during the last quarter. Fifth Third Bancorp boosted its position in NOV by 27.8% in the third quarter. Fifth Third Bancorp now owns 4,990 shares of the oil and gas exploration company’s stock valued at $104,000 after buying an additional 1,086 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in NOV in the third quarter valued at approximately $4,314,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.