Wells Fargo & Company Lowers NOV (NYSE:NOV) to Underweight

NOV (NYSE:NOV) was downgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. They currently have a $16.00 target price on the oil and gas exploration company’s stock, down from their prior target price of $20.00. Wells Fargo & Company‘s price target points to a potential downside of 4.53% from the company’s current price.

Several other analysts have also issued reports on NOV. Evercore ISI upgraded NOV to a “strong-buy” rating in a report on Friday, July 26th. Barclays increased their price objective on NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. Benchmark reissued a “hold” rating on shares of NOV in a research report on Friday, July 26th. TD Cowen upped their target price on shares of NOV from $27.00 to $28.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $24.00 price target on shares of NOV in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, NOV has an average rating of “Moderate Buy” and a consensus target price of $24.00.

NOV Trading Up 0.1 %

NYSE NOV opened at $16.76 on Wednesday. The stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of 6.73, a PEG ratio of 0.50 and a beta of 1.67. NOV has a 52 week low of $15.47 and a 52 week high of $21.71. The stock’s 50 day moving average price is $17.75 and its two-hundred day moving average price is $18.37. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61.

NOV (NYSE:NOV) last announced its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. The firm’s revenue was up 5.9% on a year-over-year basis. As a group, analysts anticipate that NOV will post 1.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NOV

Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its stake in NOV by 95.2% in the 4th 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 raised its position in shares of NOV by 631.6% in the first quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock valued at $1,600,000 after buying an additional 70,743 shares in the last quarter. Stanley Laman Group Ltd. bought a new stake in shares of NOV during the 2nd quarter valued at $4,031,000. Schroder Investment Management Group increased its position 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 worth $22,154,000 after purchasing an additional 454,665 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in NOV by 1.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock worth $75,813,000 after purchasing an additional 42,717 shares during the period. 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.