NOV (NYSE:NOV – Get Free Report) had its price target reduced by equities researchers at Citigroup from $21.00 to $20.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup‘s price objective would indicate a potential upside of 14.88% from the stock’s previous close.
Several other brokerages also recently commented on NOV. Weiss Ratings restated a “hold (c)” rating on shares of NOV in a research note on Monday, September 21st. Morgan Stanley set a $21.00 target price on NOV in a report on Wednesday, July 15th. TD Cowen lifted their target price on NOV from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Barclays raised their price target on NOV from $20.00 to $21.00 and gave the company an “underweight” rating in a report on Thursday, October 29th. Finally, Susquehanna boosted their price target on NOV from $22.00 to $24.00 and gave the company a “positive” rating in a research note on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, NOV presently has an average rating of “Hold” and an average price target of $21.58.
View Our Latest Stock Report on NOV
NOV Stock Performance
NOV traded down $0.62 during trading on Thursday, hitting $17.41. The stock had a trading volume of 4,896,199 shares, compared to its average volume of 4,260,647. NOV has a 12 month low of $14.30 and a 12 month high of $21.93. The firm has a market cap of $6.21 billion, a PE ratio of 43.52 and a beta of 0.96. The company has a 50 day simple moving average of $19.83 and a 200-day simple moving average of $19.65. The company has a current ratio of 2.51, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27.
NOV (NYSE:NOV – Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The oil and gas exploration company reported $0.25 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.25. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.20 billion. NOV had a net margin of 1.65% and a return on equity of 4.23%. NOV’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company posted $0.11 earnings per share. Analysts expect that NOV will post 1.01 EPS for the current year.
Hedge Funds Weigh In On NOV
Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of NOV during the 2nd quarter valued at approximately $697,976,000. Pzena Investment Management LLC purchased a new stake in shares of NOV in the second quarter worth $674,776,000. Dimensional Fund Advisors LP increased its position in shares of NOV by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 19,404,319 shares of the oil and gas exploration company’s stock worth $364,987,000 after purchasing an additional 431,684 shares during the last quarter. First Trust Advisors LP increased its stake in NOV by 2.3% in the first quarter. First Trust Advisors LP now owns 7,192,735 shares of the oil and gas exploration company’s stock valued at $135,295,000 after acquiring an additional 158,788 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of NOV by 17.0% in the 1st quarter. Bank of America Corp DE now owns 4,575,450 shares of the oil and gas exploration company’s stock valued at $86,064,000 after purchasing an additional 664,969 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.
NOV Company Profile
NOV Inc (NYSE: NOV) is a Houston-based technology and equipment provider serving the global energy industry. The company develops and manufactures products and systems used in oil and natural gas drilling, well construction, completion and production operations.
Its offerings include land and offshore drilling rigs, rig equipment and components, downhole tools, drill pipe, wellbore technologies, pressure-control systems, and equipment used to enhance production. NOV also provides aftermarket parts, technical support, maintenance and other services designed to help energy companies operate and maintain their equipment.
The company was formed in 2005 through the merger of National Oilwell and Varco International, building on businesses with much longer histories in the oilfield equipment industry.
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