NOV (NYSE:NOV) Upgraded to Outperform at Royal Bank of Canada

NOV (NYSE:NOV) was upgraded by investment analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research note issued to investors on Monday, Marketbeat.com reports. The firm presently has a $22.00 price target on the oil and gas exploration company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 50.53% from the stock’s previous close.

Other analysts have also issued reports about the company. Barclays boosted their price objective on shares of NOV from $12.00 to $13.00 and gave the company an “underweight” rating in a research note on Tuesday, February 18th. Seaport Res Ptn lowered NOV from a “strong-buy” rating to a “hold” rating in a research note on Sunday, January 5th. Evercore ISI restated an “in-line” rating and issued a $18.00 price objective (down from $25.00) on shares of NOV in a report on Wednesday, January 15th. ATB Capital reissued a “sector perform” rating and set a $19.00 target price on shares of NOV in a research report on Tuesday, December 10th. Finally, Raymond James raised their price target on shares of NOV from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $19.60.

NOV Stock Performance

NYSE NOV opened at $14.62 on Monday. The stock has a market cap of $5.57 billion, a price-to-earnings ratio of 9.08, a price-to-earnings-growth ratio of 1.02 and a beta of 1.66. The business has a fifty day moving average of $14.99 and a 200-day moving average of $15.42. NOV has a fifty-two week low of $13.78 and a fifty-two week high of $21.20. The company has a quick ratio of 1.64, a current ratio of 2.46 and a debt-to-equity ratio of 0.26.

NOV (NYSE:NOV) last released its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.06. NOV had a net margin of 7.16% and a return on equity of 9.88%. As a group, analysts predict that NOV will post 1.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NOV

Institutional investors and hedge funds have recently bought and sold shares of the business. Harbor Capital Advisors Inc. increased its holdings in shares of NOV by 10.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 581,446 shares of the oil and gas exploration company’s stock worth $8,489,000 after acquiring an additional 56,665 shares during the period. Greenhaven Associates Inc. raised its holdings in shares of NOV by 61.7% during the fourth quarter. Greenhaven Associates Inc. now owns 3,291,042 shares of the oil and gas exploration company’s stock valued at $48,049,000 after buying an additional 1,255,666 shares during the last quarter. Barclays PLC boosted its position in shares of NOV by 120.1% during the third quarter. Barclays PLC now owns 473,545 shares of the oil and gas exploration company’s stock worth $7,561,000 after buying an additional 258,392 shares during the period. Bank of Montreal Can grew its holdings in NOV by 519.1% in the 3rd quarter. Bank of Montreal Can now owns 438,068 shares of the oil and gas exploration company’s stock worth $7,000,000 after buying an additional 367,308 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new stake in NOV in the 3rd quarter valued at approximately $35,709,000. Institutional investors and hedge funds 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.