NOV (NYSE:NOV) Stock Rating Lowered by TD Cowen

NOV (NYSE:NOV) was downgraded by stock analysts at TD Cowen from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

Other equities analysts also recently issued reports about the company. Morgan Stanley set a $16.00 target price on NOV in a research report on Monday, December 15th. Evercore set a $19.00 price objective on shares of NOV in a report on Friday, February 6th. Weiss Ratings reissued a “hold (c)” rating on shares of NOV in a research report on Monday, December 29th. Piper Sandler upped their price target on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Finally, Susquehanna reaffirmed a “positive” rating and set a $21.00 price target on shares of NOV in a research note on Friday, February 6th. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $18.57.

NOV Stock Performance

Shares of NOV opened at $18.82 on Tuesday. The stock has a market capitalization of $6.78 billion, a P/E ratio of 49.52 and a beta of 0.89. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.42. NOV has a 1 year low of $10.84 and a 1 year high of $20.85. The company’s fifty day moving average is $18.60 and its two-hundred day moving average is $15.84.

NOV (NYSE:NOV) last posted its quarterly earnings data on Thursday, February 5th. The oil and gas exploration company reported $0.02 EPS 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 company had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the business earned $0.41 EPS. The firm’s revenue was down 1.3% on a year-over-year basis. On average, sell-side analysts predict that NOV will post 1.4 earnings per share for the current year.

Insider Buying and Selling at NOV

In related 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 transaction of $1,405,600.00. Following the completion of the sale, the vice president directly owned 256,319 shares of the company’s stock, valued at approximately $5,146,885.52. This represents a 21.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joseph W. Rovig sold 151,086 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $20.17, for a total value of $3,047,404.62. Following the completion of the sale, the insider owned 269,694 shares of the company’s stock, valued at approximately $5,439,727.98. This represents a 35.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its stake in shares of NOV by 1,743.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company’s stock valued at $79,080,000 after buying an additional 4,785,015 shares in the last quarter. American Century Companies Inc. lifted its position in NOV by 585.8% during the 2nd quarter. American Century Companies Inc. now owns 5,291,529 shares of the oil and gas exploration company’s stock worth $65,774,000 after acquiring an additional 4,519,957 shares in the last quarter. Ameriprise Financial Inc. grew its position in NOV by 401.9% in the second quarter. Ameriprise Financial Inc. now owns 3,165,518 shares of the oil and gas exploration company’s stock valued at $39,347,000 after acquiring an additional 2,534,815 shares in the last quarter. First Trust Advisors LP grew its position in NOV by 27.2% in the second quarter. First Trust Advisors LP now owns 6,091,095 shares of the oil and gas exploration company’s stock valued at $75,712,000 after acquiring an additional 1,302,214 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of NOV by 76.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,721,997 shares of the oil and gas exploration company’s stock valued at $42,545,000 after purchasing an additional 1,178,838 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Company Profile

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.