NOV (NYSE:NOV) Price Target Cut to $22.00

NOV (NYSE:NOVGet Free Report) had its target price dropped by Bank of America from $24.00 to $22.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the oil and gas exploration company’s stock. Bank of America‘s target price points to a potential upside of 12.76% from the stock’s previous close.

NOV has been the topic of several other reports. TD Cowen reduced their price objective on NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Piper Sandler dropped their target price on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday. Finally, Susquehanna reiterated a “positive” rating and issued a $26.00 target price on shares of NOV in a research note on Monday, April 8th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $24.07.

Read Our Latest Research Report on NOV

NOV Stock Performance

NOV opened at $19.51 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.50 and a quick ratio of 1.50. NOV has a 1-year low of $16.77 and a 1-year high of $21.91. The company has a 50 day simple moving average of $18.36 and a two-hundred day simple moving average of $18.66. The firm has a market cap of $7.72 billion, a P/E ratio of 7.84, a PEG ratio of 0.58 and a beta of 1.71.

NOV (NYSE:NOVGet Free Report) last posted its earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share for the quarter, beating 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 analysts’ expectations of $2.11 billion. During the same period last year, the company posted $0.32 earnings per share. NOV’s quarterly revenue was up 9.8% on a year-over-year basis. Equities analysts forecast that NOV will post 1.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NOV

Institutional investors have recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. grew its holdings in NOV by 7.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 18,960 shares of the oil and gas exploration company’s stock valued at $360,000 after purchasing an additional 1,261 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in NOV by 70.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 17,631 shares of the oil and gas exploration company’s stock worth $335,000 after acquiring an additional 7,303 shares during the period. Wedmont Private Capital lifted its stake in NOV by 126.0% in the 2nd quarter. Wedmont Private Capital now owns 29,359 shares of the oil and gas exploration company’s stock valued at $544,000 after buying an additional 16,367 shares in the last quarter. Verum Partners LLC acquired a new stake in NOV in the 2nd quarter worth about $262,000. Finally, Canandaigua National Bank & Trust Co. purchased a new stake in NOV during the 2nd quarter worth approximately $1,100,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

About NOV

(Get Free Report)

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.

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Analyst Recommendations for NOV (NYSE:NOV)

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