Royal Bank of Canada Boosts NOV (NYSE:NOV) Price Target to $22.00

NOV (NYSE:NOV) had its price target raised by equities research analysts at Royal Bank of Canada from $21.00 to $22.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the oil and gas exploration company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 39.84% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Evercore ISI reaffirmed an “in-line” rating and set a $18.00 price objective (down previously from $25.00) on shares of NOV in a research note on Wednesday, January 15th. Citigroup cut NOV from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $21.00 to $18.00 in a report on Monday, November 11th. Seaport Res Ptn cut NOV from a “strong-buy” rating to a “hold” rating in a research note on Sunday, January 5th. Susquehanna decreased their price target on NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a research note on Monday, October 28th. Finally, BMO Capital Markets lowered their target price on shares of NOV from $22.00 to $20.00 and set a “market perform” rating for the company in a research note on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $19.50.

NOV Stock Performance

Shares of NOV stock traded down $0.70 on Thursday, hitting $15.73. The company had a trading volume of 2,845,109 shares, compared to its average volume of 3,653,889. NOV has a twelve month low of $13.94 and a twelve month high of $21.20. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26. The firm has a market cap of $6.12 billion, a P/E ratio of 5.82, a price-to-earnings-growth ratio of 0.93 and a beta of 1.64. The company has a 50-day moving average price of $14.93 and a 200-day moving average price of $16.16.

NOV (NYSE:NOV) last issued its quarterly earnings data on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 10.82% and a net margin of 12.05%. As a group, equities research analysts predict that NOV will post 1.53 earnings per share for the current fiscal year.

Insider Activity

In other NOV news, Director David D. Harrison sold 1,784 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total transaction of $28,722.40. Following the completion of the sale, the director now directly owns 110,951 shares in the company, valued at $1,786,311.10. The trade was a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.85% of the company’s stock.

Institutional Trading of NOV

Institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. raised its position in shares of NOV by 12,344.0% during the 4th quarter. Pacer Advisors Inc. now owns 12,309,433 shares of the oil and gas exploration company’s stock valued at $179,718,000 after acquiring an additional 12,210,514 shares in the last quarter. Pzena Investment Management LLC lifted its stake in NOV by 22.3% in the third quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company’s stock valued at $687,143,000 after buying an additional 7,851,220 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in shares of NOV by 23.1% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 37,153,173 shares of the oil and gas exploration company’s stock worth $593,336,000 after acquiring an additional 6,963,660 shares during the last quarter. Weiss Asset Management LP bought a new stake in shares of NOV in the 3rd quarter worth approximately $35,709,000. Finally, Greenhaven Associates Inc. lifted its stake in 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 in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.