Stifel Nicolaus Issues Pessimistic Forecast for NOV (NYSE:NOV) Stock Price

NOV (NYSE:NOV) had its target price dropped by research analysts at Stifel Nicolaus from $23.00 to $22.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas exploration company’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 69.79% from the company’s previous close.

Several other research analysts also recently issued reports on NOV. Wells Fargo & Company cut their price target on NOV from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Thursday, June 5th. Barclays reduced their price target on NOV from $13.00 to $11.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 30th. Piper Sandler cut their target price on NOV from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. The Goldman Sachs Group lowered their price objective on NOV from $16.00 to $13.00 and set a “sell” rating for the company in a research note on Thursday, April 10th. Finally, JPMorgan Chase & Co. decreased their price target on NOV from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, NOV presently has a consensus rating of “Hold” and an average price target of $17.31.

NOV Trading Up 1.9%

NYSE NOV opened at $12.96 on Wednesday. The firm’s 50-day moving average is $12.92 and its two-hundred day moving average is $13.71. NOV has a 12 month low of $10.84 and a 12 month high of $21.20. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.65 and a quick ratio of 1.76. The stock has a market capitalization of $4.87 billion, a P/E ratio of 8.64, a PEG ratio of 3.24 and a beta of 1.28.

NOV (NYSE:NOV) last issued its earnings results on Monday, April 28th. The oil and gas exploration company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.06). The firm had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.11 billion. NOV had a net margin of 6.68% and a return on equity of 9.11%. The firm’s revenue was down 2.4% compared to the same quarter last year. During the same period last year, the business earned $0.30 EPS. On average, sell-side analysts anticipate that NOV will post 1.4 earnings per share for the current year.

Institutional Investors Weigh In On NOV

Large investors have recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise bought a new stake in NOV during the first quarter worth $25,000. Huntington National Bank lifted its stake 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 valued at $32,000 after acquiring an additional 1,034 shares during the last quarter. Covestor Ltd lifted its stake in shares of NOV by 282.9% in the 4th quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company’s stock valued at $33,000 after acquiring an additional 1,655 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of NOV in the 1st quarter valued at $36,000. Finally, Signaturefd LLC lifted its stake in shares of 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 acquiring an additional 756 shares during the last quarter. 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.