NOV (NYSE:NOV) Stock Rating Upgraded by Royal Bank of Canada

NOV (NYSE:NOV) was upgraded by research analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report issued on Monday, Marketbeat reports. The firm currently has a $22.00 price target on the oil and gas exploration company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 42.21% from the stock’s current price.

Several other analysts have also weighed in on NOV. Raymond James boosted their target price on shares of NOV from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Atb Cap Markets downgraded shares of NOV from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Barclays raised their target price on shares of NOV from $12.00 to $13.00 and gave the stock an “underweight” rating in a report on Tuesday, February 18th. Piper Sandler upped their target price on NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Finally, Evercore ISI reiterated an “in-line” rating and set a $18.00 price target (down from $25.00) on shares of NOV in a research report on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, NOV presently has a consensus rating of “Hold” and a consensus target price of $19.60.

NOV Stock Up 2.3 %

NYSE:NOV opened at $15.47 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.64 and a current ratio of 2.46. The company has a market capitalization of $5.89 billion, a price-to-earnings ratio of 9.61, a price-to-earnings-growth ratio of 1.02 and a beta of 1.66. NOV has a one year low of $13.78 and a one year high of $21.20. The stock has a 50-day simple moving average of $15.00 and a 200 day simple moving average of $15.40.

NOV (NYSE:NOV) last issued its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. Sell-side analysts predict that NOV will post 1.4 EPS for the current fiscal year.

Institutional Investors Weigh In On NOV

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank raised its stake in shares of NOV by 88.7% in the 4th quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company’s stock worth $32,000 after buying an additional 1,034 shares in the last quarter. Covestor Ltd raised its position in NOV by 282.9% in the fourth quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company’s stock worth $33,000 after acquiring an additional 1,655 shares in the last quarter. UMB Bank n.a. lifted its holdings in NOV by 222.3% in the 4th quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after acquiring an additional 1,612 shares during the last quarter. Quarry LP bought a new position in shares of NOV during the 3rd quarter valued at about $36,000. Finally, Signaturefd LLC grew its stake in shares of NOV by 41.3% in the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock worth $38,000 after purchasing an additional 756 shares during the last quarter. Institutional investors 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.