NOV (NYSE:NOV) PT Lowered to $22.00

NOV (NYSE:NOV) had its target price lowered by equities researchers at JPMorgan Chase & Co. from $23.00 to $22.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas exploration company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 34.72% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. TD Cowen increased their target price on shares of NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Benchmark restated a “hold” rating on shares of NOV in a report on Friday, July 26th. Barclays lifted their price objective on shares of NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. Piper Sandler lowered their price target on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Finally, Wells Fargo & Company lowered NOV from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $20.00 to $16.00 in a research report on Wednesday, September 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, NOV presently has an average rating of “Moderate Buy” and an average price target of $23.75.

NOV Price Performance

NYSE NOV traded up $0.21 during trading on Thursday, hitting $16.33. 960,104 shares of the stock traded hands, compared to its average volume of 3,717,283. The firm has a 50-day simple moving average of $17.41 and a 200-day simple moving average of $18.28. NOV has a 12-month low of $15.47 and a 12-month high of $21.53. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $6.46 billion, a P/E ratio of 6.54, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67.

NOV (NYSE:NOV) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (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 company’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 earnings per share. As a group, analysts predict that NOV will post 1.63 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Rise Advisors LLC acquired a new stake in shares of NOV in the 1st quarter worth $26,000. Rothschild Investment LLC acquired a new position in NOV in the 2nd quarter worth approximately $28,000. Riverview Trust Co purchased a new position in shares of NOV during the first quarter worth $39,000. American National Bank & Trust acquired a new position in NOV during the third quarter valued at $39,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in shares of NOV in the second quarter worth about $78,000. Institutional investors 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.