NOV (NYSE:NOV) Price Target Lowered to $22.00 at TD Cowen

NOV (NYSE:NOV) had its target price cut by TD Cowen from $28.00 to $22.00 in a note issued to investors on Monday, StockNewsAPI reports. The brokerage currently has a “buy” rating on the oil and gas exploration company’s stock. TD Cowen’s price objective indicates a potential upside of 44.74% from the stock’s previous close.

NOV has been the subject of a number of other research reports. Piper Sandler decreased their price objective 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. BMO Capital Markets reduced their price target on NOV from $22.00 to $20.00 and set a “market perform” rating for the company in a report on Thursday, October 10th. JPMorgan Chase & Co. dropped their price objective on NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Morgan Stanley reduced their target price on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, Citigroup dropped their price target on NOV from $24.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.14.

NOV Stock Performance

Shares of NYSE NOV opened at $15.20 on Monday. The stock has a market capitalization of $5.98 billion, a PE ratio of 5.69, a price-to-earnings-growth ratio of 0.89 and a beta of 1.67. NOV has a 52 week low of $14.98 and a 52 week high of $21.23. The stock has a 50 day moving average price of $16.50 and a 200 day moving average price of $17.82. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61.

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. The company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. NOV had a return on equity of 10.97% and a net margin of 11.88%. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 EPS. Analysts predict that NOV will post 1.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Park Avenue Securities LLC grew its stake in NOV by 7.5% during the first quarter. Park Avenue Securities LLC now owns 17,020 shares of the oil and gas exploration company’s stock worth $332,000 after buying an additional 1,194 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of NOV by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock worth $75,813,000 after acquiring an additional 42,717 shares in the last quarter. State of Michigan Retirement System increased its stake in NOV by 2.4% in the first quarter. State of Michigan Retirement System now owns 96,777 shares of the oil and gas exploration company’s stock valued at $1,889,000 after acquiring an additional 2,300 shares during the last quarter. Norden Group LLC acquired a new position in NOV during the first quarter valued at approximately $196,000. Finally, Retirement Systems of Alabama lifted its stake in NOV by 5.0% during the first quarter. Retirement Systems of Alabama now owns 968,972 shares of the oil and gas exploration company’s stock worth $18,914,000 after purchasing an additional 45,798 shares during the last quarter. Institutional investors own 93.27% of the company’s stock.

About NOV

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.