NOV (NYSE:NOV) Rating Reiterated by Royal Bank of Canada

NOV (NYSE:NOV)‘s stock had its “sector perform” rating reiterated by analysts at Royal Bank of Canada in a report issued on Monday, Benzinga reports. They presently have a $24.00 price objective on the oil and gas exploration company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 21.77% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Piper Sandler decreased their target price on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. TD Cowen raised their price objective on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Monday. Susquehanna reiterated a “positive” rating and set a $26.00 target price on shares of NOV in a research note on Monday, April 8th. Bank of America lowered their price objective on NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Finally, Benchmark reaffirmed a “hold” rating on shares of NOV in a report on Friday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, NOV currently has a consensus rating of “Hold” and a consensus price target of $24.21.

NOV Stock Down 0.7 %

NOV traded down $0.14 during trading on Monday, reaching $19.71. The company had a trading volume of 976,002 shares, compared to its average volume of 3,718,026. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. NOV has a 12 month low of $16.77 and a 12 month high of $21.91. The business’s fifty day moving average price is $18.37 and its 200 day moving average price is $18.60. The company has a market cap of $7.80 billion, a P/E ratio of 7.90, a PEG ratio of 0.62 and a beta of 1.71.

NOV (NYSE:NOV) last released its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, beating 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 firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the company earned $0.39 earnings per share. The company’s quarterly revenue was up 5.9% on a year-over-year basis. Equities analysts anticipate that NOV will post 1.55 EPS for the current year.

Hedge Funds Weigh In On NOV

A number of hedge funds have recently bought and sold shares of NOV. Boston Partners purchased a new position in NOV during the first quarter worth approximately $119,686,000. Balyasny Asset Management L.P. raised its stake in NOV by 769.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock valued at $125,048,000 after buying an additional 5,456,581 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of NOV by 67.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after buying an additional 3,989,095 shares during the last quarter. Pzena Investment Management LLC lifted its holdings in shares of NOV by 12.7% in the 1st quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock valued at $684,618,000 after purchasing an additional 3,946,504 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in NOV by 779.9% during the 1st quarter. SG Americas Securities LLC now owns 858,823 shares of the oil and gas exploration company’s stock worth $16,764,000 after purchasing an additional 761,219 shares during the last quarter. Hedge funds and other institutional investors 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.