NOV (NYSE:NOV) Price Target Cut to $17.00 by Analysts at Barclays

NOV (NYSE:NOV) had its price target decreased by equities research analysts at Barclays from $20.00 to $17.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “underweight” rating on the oil and gas exploration company’s stock. Barclays‘s price target would suggest a potential upside of 8.28% from the stock’s current price.

NOV has been the subject of several other research reports. Susquehanna cut their target price on NOV from $26.00 to $22.00 and set a “positive” rating for the company in a research report on Friday, October 11th. Evercore ISI raised shares of NOV to a “strong-buy” rating in a report on Friday, July 26th. Morgan Stanley cut their price target on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Piper Sandler decreased their price objective on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.57.

NOV Stock Up 0.1 %

Shares of NOV traded up $0.02 during mid-day trading on Wednesday, hitting $15.70. 2,646,115 shares of the company’s stock were exchanged, compared to its average volume of 3,695,849. The stock has a market cap of $6.21 billion, a price-to-earnings ratio of 6.30, a P/E/G ratio of 0.47 and a beta of 1.67. The firm has a fifty day moving average of $16.87 and a two-hundred day moving average of $18.08. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. NOV has a twelve month low of $15.47 and a twelve month high of $21.53.

NOV (NYSE:NOV) last issued its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.22. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. The firm’s revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.39 EPS. On average, sell-side analysts forecast that NOV will post 1.64 earnings per share for the current year.

Hedge Funds Weigh In On NOV

A number of hedge funds and other institutional investors have recently bought and sold shares of NOV. Rise Advisors LLC acquired a new position in shares of NOV during the 1st quarter worth about $26,000. Rothschild Investment LLC bought a new stake in NOV in the second quarter valued at approximately $28,000. Riverview Trust Co acquired a new stake in NOV in the first quarter worth $39,000. American National Bank & Trust bought a new position in shares of NOV during the third quarter worth $39,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in shares of NOV in the 2nd quarter valued at $78,000. 93.27% of the stock is owned by 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.