Barclays Issues Pessimistic Forecast for NOV (NYSE:NOV) Stock Price

NOV (NYSE:NOV) had its target price decreased by analysts at Barclays from $16.00 to $12.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the oil and gas exploration company’s stock. Barclays‘s price objective would suggest a potential downside of 18.20% from the stock’s previous close.

A number of other equities research analysts have also commented on the stock. TD Cowen reduced their price objective on shares of NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Atb Cap Markets downgraded NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Susquehanna dropped their price target on NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a research note on Monday, October 28th. Stifel Nicolaus reduced their price objective on shares of NOV from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, October 28th. Finally, ATB Capital reissued a “sector perform” rating and set a $19.00 target price on shares of NOV in a research note on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.36.

NOV Trading Up 0.8 %

Shares of NOV stock traded up $0.11 on Wednesday, hitting $14.67. The company had a trading volume of 422,152 shares, compared to its average volume of 3,710,521. The stock’s 50-day moving average is $15.77 and its two-hundred day moving average is $17.04. NOV has a twelve month low of $14.48 and a twelve month high of $21.23. The firm has a market cap of $5.71 billion, a P/E ratio of 5.41, a P/E/G ratio of 0.87 and a beta of 1.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57.

Insider Buying and Selling

In related news, Director David D. Harrison sold 1,784 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the transaction, the director now directly owns 110,951 shares in the company, valued at approximately $1,786,311.10. This represents a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.85% of the stock is currently owned by insiders.

Institutional Trading of NOV

A number of hedge funds have recently made changes to their positions in the stock. Rothschild Investment LLC purchased a new position in shares of NOV during the second quarter worth approximately $28,000. Quarry LP purchased a new position in NOV in the third quarter worth about $36,000. American National Bank & Trust purchased a new position in NOV in the 3rd quarter worth approximately $39,000. International Assets Investment Management LLC raised its stake in shares of NOV by 1,590.1% in the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 2,735 shares during the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of NOV during the third quarter valued at $48,000. 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.