Susquehanna Issues Pessimistic Forecast for NOV (NYSE:NOV) Stock Price

NOV (NYSE:NOV) had its price objective decreased by stock analysts at Susquehanna from $24.00 to $22.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “positive” rating on the oil and gas exploration company’s stock. Susquehanna’s price objective suggests a potential upside of 20.15% from the company’s previous close.

NOV has been the subject of several other research reports. Stifel Nicolaus boosted their price target on shares of NOV from $21.00 to $23.00 and gave the company a “buy” rating in a report on Monday, April 20th. Citigroup lifted their target price on NOV from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Thursday, June 18th. Barclays reiterated an “underweight” rating and set a $21.00 price objective (up from $20.00) on shares of NOV in a report on Thursday, May 7th. Evercore upgraded NOV to a “hold” rating in a research report on Wednesday, April 29th. Finally, Morgan Stanley raised their target price on shares of NOV from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $20.43.

NOV Price Performance

Shares of NOV opened at $18.31 on Wednesday. The stock has a market cap of $6.57 billion, a P/E ratio of 76.30 and a beta of 0.91. NOV has a 1 year low of $11.77 and a 1 year high of $21.55. The stock’s 50-day moving average price is $19.93 and its two-hundred day moving average price is $19.01. The company has a current ratio of 2.47, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV) last announced its quarterly earnings results on Tuesday, April 28th. The oil and gas exploration company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.12). The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.05 billion. NOV had a net margin of 1.05% and a return on equity of 3.34%. The business’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.19 earnings per share. On average, equities analysts predict that NOV will post 0.9 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NOV. V Square Quantitative Management LLC bought a new stake in NOV in the 4th quarter valued at approximately $28,000. Root Financial Partners LLC grew its stake in shares of NOV by 39.9% during the 1st quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock worth $36,000 after acquiring an additional 552 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of NOV by 659.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company’s stock worth $36,000 after purchasing an additional 1,978 shares in the last quarter. Rothschild Investment LLC boosted its holdings in NOV by 50.1% during the fourth quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company’s stock worth $37,000 after purchasing an additional 780 shares during the last quarter. Finally, Altshuler Shaham Ltd boosted its holdings in NOV by 36.8% during the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock worth $38,000 after purchasing an additional 546 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors.

About NOV

National Oilwell Varco (NYSE: NOV) is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV’s business is organized to serve upstream energy companies around the world.