Bank of America Lowers NOV (NYSE:NOV) Price Target to $20.00

by · The Markets Daily

NOV (NYSE:NOV – Get Free Report) had its target price dropped by research analysts at Bank of America from $22.00 to $20.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the oil and gas exploration company’s stock. Bank of America‘s price target would indicate a potential upside of 23.30% from the stock’s previous close.

A number of other equities analysts also recently commented on NOV. TD Cowen raised their price objective on NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Citigroup cut their price target on shares of NOV from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. Stifel Nicolaus dropped their price objective on shares of NOV from $26.00 to $25.00 and set a “buy” rating for the company in a research report on Friday. BMO Capital Markets cut their target price on shares of NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research note on Thursday. Finally, Benchmark reaffirmed a “hold” rating on shares of NOV in a research report on Friday, July 26th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.79.

View Our Latest Stock Analysis on NOV

NOV Trading Down 1.0 %

Shares of NYSE NOV traded down $0.17 on Monday, reaching $16.22. 1,258,220 shares of the company traded hands, compared to its average volume of 3,695,058. The company has a 50 day moving average of $16.93 and a 200 day moving average of $18.13. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. NOV has a fifty-two week low of $15.47 and a fifty-two week high of $21.53. The stock has a market capitalization of $6.42 billion, a PE ratio of 6.51, a P/E/G ratio of 0.47 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 for the quarter, beating analysts’ consensus estimates of $0.35 by $0.22. The company 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%. NOV’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the business earned $0.39 EPS. On average, equities research analysts forecast that NOV will post 1.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Pzena Investment Management LLC increased its position in shares of NOV by 0.3% in the 2nd quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock worth $668,694,000 after purchasing an additional 103,238 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in NOV by 40.0% in the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after buying an additional 3,470,860 shares during the last quarter. Bank of New York Mellon Corp raised its stake in NOV by 67.2% during the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock valued at $188,749,000 after buying an additional 3,989,095 shares in the last quarter. Boston Partners bought a new position in NOV during the 1st quarter worth approximately $119,686,000. Finally, AQR Capital Management LLC grew its position in shares of NOV by 232.6% in the 2nd quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock worth $92,938,000 after acquiring an additional 3,418,885 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

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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