Stifel Nicolaus Lowers NOV (NYSE:NOV) Price Target to $23.00

NOV (NYSE:NOV) had its price target reduced by equities researchers at Stifel Nicolaus from $25.00 to $23.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the oil and gas exploration company’s stock. Stifel Nicolaus’ price objective would indicate a potential upside of 90.40% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Piper Sandler increased their price target on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Raymond James raised their target price on NOV from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Seaport Res Ptn lowered NOV from a “strong-buy” rating to a “hold” rating in a report on Sunday, January 5th. Susquehanna reduced their price target on NOV from $21.00 to $19.00 and set a “positive” rating for the company in a research report on Monday. Finally, The Goldman Sachs Group lowered their price objective on NOV from $16.00 to $13.00 and set a “sell” rating on the stock in a research report on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $19.00.

NOV Stock Performance

NOV stock opened at $12.08 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.64. NOV has a 1 year low of $10.84 and a 1 year high of $21.20. The company has a market cap of $4.60 billion, a P/E ratio of 7.50, a price-to-earnings-growth ratio of 1.02 and a beta of 1.35. The stock’s fifty day moving average price is $14.32 and its 200-day moving average price is $15.03.

NOV (NYSE:NOV) last announced its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. On average, equities analysts forecast that NOV will post 1.4 earnings per share for the current year.

Hedge Funds Weigh In On NOV

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOV. Huntington National Bank raised its holdings in shares of NOV by 88.7% during the 4th quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company’s stock worth $32,000 after acquiring an additional 1,034 shares in the last quarter. Covestor Ltd increased its position in NOV by 282.9% in the fourth quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company’s stock worth $33,000 after purchasing an additional 1,655 shares during the last quarter. UMB Bank n.a. raised its stake in NOV by 222.3% during the fourth quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after purchasing an additional 1,612 shares in the last quarter. Signaturefd LLC lifted its position in NOV by 41.3% during the fourth quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock valued at $38,000 after purchasing an additional 756 shares during the last quarter. Finally, CoreFirst Bank & Trust purchased a new position in shares of NOV in the 4th quarter worth $41,000. 93.27% of the stock is owned by institutional investors.

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.