NOV (NYSE:NOV) Upgraded by Royal Bank of Canada to “Outperform” Rating

NOV (NYSE:NOV) was upgraded by research analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report released on Monday, Marketbeat reports. The brokerage presently has a $22.00 price objective on the oil and gas exploration company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 42.21% from the stock’s previous close.

NOV has been the subject of a number of other research reports. Piper Sandler raised their price objective on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. 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. Raymond James upped their price target on NOV from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Atb Cap Markets lowered NOV from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, Barclays lifted their target price on NOV from $12.00 to $13.00 and gave the company an “underweight” rating in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $19.60.

NOV Trading Up 2.3 %

Shares of NYSE NOV opened at $15.47 on Monday. The business has a fifty day simple moving average of $15.00 and a 200-day simple moving average of $15.40. The company has a market cap of $5.89 billion, a price-to-earnings ratio of 9.61, a P/E/G ratio of 1.02 and a beta of 1.66. NOV has a 12 month low of $13.78 and a 12 month high of $21.20. The company has a quick ratio of 1.64, a current ratio of 2.46 and a debt-to-equity ratio of 0.26.

NOV (NYSE:NOV) last posted its quarterly earnings data 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 7.16% and a return on equity of 9.88%. Sell-side analysts predict that NOV will post 1.4 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC boosted its holdings in NOV by 126.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 34,726 shares of the oil and gas exploration company’s stock worth $507,000 after purchasing an additional 19,399 shares in the last quarter. Hara Capital LLC acquired a new position in shares of NOV during the 4th quarter valued at about $1,790,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of NOV during the 4th quarter valued at about $4,960,000. Jefferies Financial Group Inc. bought a new position in shares of NOV in the 4th quarter valued at approximately $762,000. Finally, Mackenzie Financial Corp acquired a new stake in NOV in the 4th quarter worth approximately $162,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.