Raymond James Boosts NOV (NYSE:NOV) Price Target to $19.00

NOV (NYSE:NOV) had its price target boosted by research analysts at Raymond James from $18.00 to $19.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the oil and gas exploration company’s stock. Raymond James’ price objective would indicate a potential upside of 21.64% from the company’s previous close.

NOV has been the subject of a number of other reports. Evercore ISI restated an “in-line” rating and set a $18.00 price target (down from $25.00) on shares of NOV in a report on Wednesday, January 15th. TD Cowen decreased their target price on NOV from $28.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, October 28th. ATB Capital reiterated a “sector perform” rating and set a $19.00 price target on shares of NOV in a report on Tuesday, December 10th. Barclays reduced their price objective on NOV from $16.00 to $12.00 and set an “underweight” rating for the company in a research report on Wednesday, December 18th. Finally, Atb Cap Markets cut shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $19.47.

NOV Stock Performance

Shares of NYSE NOV opened at $15.62 on Thursday. The business’s 50-day simple moving average is $14.91 and its 200-day simple moving average is $16.13. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. NOV has a 52 week low of $13.94 and a 52 week high of $21.20. The firm has a market cap of $6.08 billion, a price-to-earnings ratio of 5.76, a P/E/G ratio of 0.93 and a beta of 1.64.

NOV (NYSE:NOV) last released its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. NOV had a net margin of 12.05% and a return on equity of 10.82%. As a group, equities research analysts expect that NOV will post 1.53 earnings per share for the current fiscal year.

Insider Activity at NOV

In other NOV news, Director David D. Harrison sold 1,784 shares of NOV stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total transaction of $28,722.40. Following the completion of the transaction, the director now directly owns 110,951 shares of the company’s stock, valued at approximately $1,786,311.10. This trade represents a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.85% of the stock is owned by insiders.

Institutional Investors Weigh In On NOV

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Creative Planning raised its position in NOV by 29.8% in the 2nd quarter. Creative Planning now owns 33,815 shares of the oil and gas exploration company’s stock valued at $643,000 after purchasing an additional 7,757 shares during the last quarter. Truist Financial Corp boosted its holdings in NOV by 3.4% in the second quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock valued at $565,000 after acquiring an additional 991 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in NOV in the second quarter worth about $285,000. Diversified Trust Co bought a new stake in NOV during the 3rd quarter worth about $595,000. Finally, nVerses Capital LLC acquired a new position in NOV during the 3rd quarter valued at about $487,000. 93.27% of the stock is owned by institutional investors and hedge funds.

About NOV

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.