NOV (NYSE:NOV) Price Target Raised to $20.00

NOV (NYSE:NOV) had its price target raised by stock analysts at The Goldman Sachs Group from $17.00 to $20.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “sell” rating on the oil and gas exploration company’s stock. The Goldman Sachs Group’s price target points to a potential upside of 3.41% from the company’s current price.

NOV has been the subject of several other research reports. Stifel Nicolaus boosted their price target on shares of NOV from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Piper Sandler lifted their target price on NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Morgan Stanley set a $16.00 price target on NOV in a report on Monday, December 15th. Evercore set a $19.00 price target on NOV in a research report on Friday, February 6th. Finally, Susquehanna reiterated a “positive” rating and issued a $21.00 price objective on shares of NOV in a research note on Friday, February 6th. Six 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.57.

NOV Trading Down 0.5%

NYSE:NOV traded down $0.10 on Wednesday, reaching $19.34. 1,918,059 shares of the company’s stock were exchanged, compared to its average volume of 4,860,509. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 50.90 and a beta of 0.89. NOV has a 52-week low of $10.84 and a 52-week high of $20.85. The company has a quick ratio of 1.67, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The business has a fifty day moving average of $18.27 and a 200-day moving average of $15.61.

NOV (NYSE:NOV) last announced its quarterly earnings data on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.23). NOV had a net margin of 1.66% and a return on equity of 3.57%. The business had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same quarter last year, the firm posted $0.41 EPS. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. As a group, analysts expect that NOV will post 1.4 earnings per share for the current year.

Insider Activity at NOV

In other news, VP Craig L. Weinstock sold 70,000 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $20.08, for a total value of $1,405,600.00. Following the completion of the transaction, the vice president owned 256,319 shares in the company, valued at approximately $5,146,885.52. This represents a 21.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Joseph W. Rovig sold 151,086 shares of NOV stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $20.17, for a total transaction of $3,047,404.62. Following the sale, the insider owned 269,694 shares in the company, valued at $5,439,727.98. This represents a 35.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On NOV

Several large investors have recently bought and sold shares of the stock. Gateway Investment Advisers LLC grew its stake in shares of NOV by 1,845.9% during the 3rd quarter. Gateway Investment Advisers LLC now owns 235,081 shares of the oil and gas exploration company’s stock worth $3,115,000 after purchasing an additional 223,000 shares during the period. Tejara Capital Ltd boosted its holdings in NOV by 33.1% during the third quarter. Tejara Capital Ltd now owns 670,199 shares of the oil and gas exploration company’s stock worth $8,880,000 after buying an additional 166,692 shares in the last quarter. Voya Investment Management LLC grew its position in NOV by 239.0% during the third quarter. Voya Investment Management LLC now owns 141,506 shares of the oil and gas exploration company’s stock worth $1,875,000 after buying an additional 99,765 shares during the period. Keybank National Association OH purchased a new position in NOV in the third quarter valued at about $3,978,000. Finally, Hsbc Holdings PLC lifted its position in shares of NOV by 111.3% during the 2nd quarter. Hsbc Holdings PLC now owns 476,044 shares of the oil and gas exploration company’s stock valued at $6,006,000 after acquiring an additional 250,705 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

About NOV

National Oilwell Varco (NYSE: NOV) is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV’s business is organized to serve upstream energy companies around the world.