NOV (NYSE:NOV) PT Lowered to $22.00

by · The Markets Daily

NOV (NYSE:NOV – Get Free Report) had its target price cut by research analysts at JPMorgan Chase & Co. from $23.00 to $22.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the oil and gas exploration company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 32.57% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Wells Fargo & Company lowered NOV from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $20.00 to $16.00 in a research report on Wednesday, September 25th. Benchmark reaffirmed a “hold” rating on shares of NOV in a research note on Friday, July 26th. Piper Sandler reduced their price objective on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Evercore ISI raised shares of NOV to a “strong-buy” rating in a research report on Friday, July 26th. Finally, Bank of America cut their target price on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.54.

Check Out Our Latest Report on NOV

NOV Stock Performance

NYSE:NOV opened at $16.60 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61. NOV has a fifty-two week low of $15.47 and a fifty-two week high of $21.53. The business has a 50 day moving average price of $17.36 and a 200-day moving average price of $18.26. The firm has a market cap of $6.56 billion, a PE ratio of 6.66, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67.

NOV (NYSE:NOV – Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company’s revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.39 EPS. Equities research analysts predict that NOV will post 1.63 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rise Advisors LLC purchased a new stake in shares of NOV in the first quarter worth $26,000. Rothschild Investment LLC bought a new position in NOV in the 2nd quarter worth about $28,000. Riverview Trust Co purchased a new stake in NOV during the 1st quarter valued at about $39,000. American National Bank & Trust bought a new stake in NOV during the 3rd quarter valued at about $39,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in NOV in the second quarter worth about $78,000. Institutional investors own 93.27% of the company’s stock.

NOV Company Profile

(Get Free Report)

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.

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