NOV (NYSE:NOV) Price Target Lowered to $23.00 at Morgan Stanley

NOV (NYSE:NOV) had its target price lowered by stock analysts at Morgan Stanley from $25.00 to $23.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas exploration company’s stock. Morgan Stanley’s target price points to a potential upside of 40.42% from the stock’s current price.

Several other research analysts have also recently issued reports on NOV. Royal Bank of Canada restated a “sector perform” rating and issued a $24.00 target price on shares of NOV in a report on Monday, July 29th. Evercore ISI upgraded shares of NOV to a “strong-buy” rating in a research note on Friday, July 26th. Piper Sandler cut their target price on NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Barclays upped their target price on NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Tuesday, July 30th. Finally, Benchmark reaffirmed a “hold” rating on shares of NOV in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.42.

NOV Stock Performance

NYSE:NOV opened at $16.38 on Monday. NOV has a 12 month low of $15.47 and a 12 month high of $21.71. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The firm has a market capitalization of $6.48 billion, a PE ratio of 6.58, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67. The business’s fifty day moving average price is $17.97 and its 200 day moving average price is $18.40.

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 analysts’ consensus estimates of $0.35 by $0.22. The business had revenue of $2.22 billion for 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 business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.39 EPS. On average, sell-side analysts anticipate that NOV will post 1.63 earnings per share for the current fiscal year.

Institutional Trading of NOV

Hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings in NOV by 95.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock worth $17,846,000 after purchasing an additional 429,104 shares in the last quarter. Wintrust Investments LLC increased its position in NOV by 631.6% during the 1st quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock worth $1,600,000 after purchasing an additional 70,743 shares during the period. Stanley Laman Group Ltd. purchased a new position in shares of NOV during the 2nd quarter worth approximately $4,031,000. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of NOV by 16.1% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 2,200,000 shares of the oil and gas exploration company’s stock valued at $44,616,000 after buying an additional 305,000 shares during the period. Finally, Schroder Investment Management Group boosted its stake in shares of NOV by 71.3% in the fourth quarter. Schroder Investment Management Group now owns 1,092,422 shares of the oil and gas exploration company’s stock valued at $22,154,000 after buying an additional 454,665 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.