NOV (NYSE:NOV – Get Free Report) had its target price decreased by equities researchers at Bank of America from $22.00 to $20.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas exploration company’s stock. Bank of America‘s price objective points to a potential upside of 27.55% from the stock’s previous close.
NOV has been the subject of a number of other research reports. TD Cowen raised their price target on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Morgan Stanley cut their target price on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Evercore ISI upgraded shares of NOV to a “strong-buy” rating in a research report on Friday, July 26th. Susquehanna cut their price objective on NOV from $26.00 to $22.00 and set a “positive” rating for the company in a research report on Friday, October 11th. Finally, Barclays increased their target price on NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, NOV currently has a consensus rating of “Moderate Buy” and an average price target of $22.79.
Check Out Our Latest Analysis on NOV
NOV Trading Down 3.1 %
NOV (NYSE:NOV – Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.22. NOV had a return on equity of 10.97% and a net margin of 11.88%. The business had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the prior year, the firm posted $0.39 EPS. The company’s revenue was up 5.9% compared to the same quarter last year. On average, research analysts predict that NOV will post 1.64 earnings per share for the current fiscal year.
Hedge Funds Weigh In On NOV
Institutional investors and hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its holdings in NOV by 95.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock valued at $17,846,000 after acquiring an additional 429,104 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of NOV in the 4th quarter valued at about $580,000. CWM LLC grew its holdings in shares of NOV by 96.0% during the 1st quarter. CWM LLC now owns 10,743 shares of the oil and gas exploration company’s stock worth $210,000 after purchasing an additional 5,263 shares during the period. GAMMA Investing LLC increased its position in NOV by 47.5% during the 1st quarter. GAMMA Investing LLC now owns 4,648 shares of the oil and gas exploration company’s stock worth $91,000 after purchasing an additional 1,497 shares in the last quarter. Finally, First Hawaiian Bank raised its holdings in NOV by 19.2% in the first quarter. First Hawaiian Bank now owns 43,312 shares of the oil and gas exploration company’s stock valued at $845,000 after buying an additional 6,967 shares during the period. 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.
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