Piper Sandler Initiates Coverage on NOV (NYSE:NOV)

Research analysts at Piper Sandler began coverage on shares of NOV (NYSE:NOV) in a report issued on Thursday, MarketBeat Ratings reports. The firm set a “neutral” rating and a $17.00 price target on the oil and gas exploration company’s stock. Piper Sandler’s target price points to a potential upside of 19.80% from the company’s previous close.

A number of other equities analysts have also issued reports on NOV. Susquehanna decreased their price objective on NOV from $22.00 to $21.00 and set a “positive” rating for the company in a report on Monday, October 28th. Bank of America dropped their price objective on NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Barclays dropped their price target on shares of NOV from $16.00 to $12.00 and set an “underweight” rating on the stock in a research report on Wednesday. TD Cowen lowered 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. Finally, JPMorgan Chase & Co. cut their target price on shares of NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.14.

NOV Price Performance

Shares of NOV opened at $14.19 on Thursday. NOV has a 12 month low of $14.09 and a 12 month high of $21.23. The company has a market cap of $5.52 billion, a P/E ratio of 5.24, a PEG ratio of 0.87 and a beta of 1.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65. The stock has a fifty day moving average price of $15.74 and a 200 day moving average price of $17.02.

Insider Buying and Selling

In other NOV news, Director David D. Harrison sold 1,784 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was 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 of the company’s stock, valued at $1,786,311.10. This represents a 1.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.85% of the stock is owned by corporate insiders.

Institutional Trading of NOV

Several large investors have recently added to or reduced their stakes in NOV. Pzena Investment Management LLC lifted its stake in shares of NOV by 22.3% in the 3rd quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company’s stock valued at $687,143,000 after purchasing an additional 7,851,220 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in NOV by 23.1% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 37,153,173 shares of the oil and gas exploration company’s stock valued at $593,336,000 after buying an additional 6,963,660 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of NOV by 67.2% in the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after buying an additional 3,989,095 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of NOV by 40.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock worth $230,743,000 after acquiring an additional 3,470,860 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of NOV by 232.6% during the 2nd quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock valued at $92,938,000 after acquiring an additional 3,418,885 shares during the last quarter. 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.