The Goldman Sachs Group Has Lowered Expectations for NOV (NYSE:NOV) Stock Price

NOV (NYSE:NOV) had its target price dropped by investment analysts at The Goldman Sachs Group from $16.00 to $13.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sell” rating on the oil and gas exploration company’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 9.64% from the stock’s current price.

A number of other research analysts also recently weighed in on the stock. Evercore ISI restated an “in-line” rating and set a $18.00 price target (down previously from $25.00) on shares of NOV in a report on Wednesday, January 15th. Barclays boosted their price target on NOV from $12.00 to $13.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 18th. Raymond James increased their price objective on NOV from $18.00 to $19.00 and gave the company 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. Finally, Royal Bank of Canada raised NOV from a “sector perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research report on Monday, March 24th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $19.19.

NOV Stock Performance

Shares of NYSE NOV opened at $11.86 on Thursday. NOV has a one year low of $10.84 and a one year high of $21.20. The business’s 50-day moving average price is $14.54 and its two-hundred day moving average price is $15.11. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.64. The company has a market capitalization of $4.52 billion, a P/E ratio of 7.36, a price-to-earnings-growth ratio of 1.02 and a beta of 1.35.

NOV (NYSE:NOV) last announced its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, beating 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%. Analysts anticipate that NOV will post 1.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NOV

A number of institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank lifted its position in shares of NOV by 88.7% in 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 during the period. Covestor Ltd lifted 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 period. Quarry LP acquired a new stake in NOV during the third quarter worth $36,000. UMB Bank n.a. boosted 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 worth $34,000 after buying an additional 1,612 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in NOV by 41.3% in the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock valued at $38,000 after buying an additional 756 shares during the period. 93.27% of the stock is owned by institutional investors and hedge funds.

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.