The Goldman Sachs Group Boosts NOV (NYSE:NOV) Price Target to $20.00

NOV (NYSE:NOV) had its price objective hoisted by research analysts at The Goldman Sachs Group from $17.00 to $20.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “sell” rating on the oil and gas exploration company’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 5.65% from the stock’s previous close.

NOV has been the topic of a number of other reports. TD Cowen restated a “buy” rating on shares of NOV in a research report on Friday, February 6th. Piper Sandler increased their price objective on shares of NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Citigroup lifted their target price on shares of NOV from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Wednesday, February 11th. Evercore set a $19.00 target price on shares of NOV in a research report on Friday, February 6th. Finally, Morgan Stanley set a $16.00 price target on NOV in a research report on Monday, December 15th. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.57.

NOV Stock Down 3.0%

NYSE:NOV opened at $18.93 on Wednesday. The company has a market cap of $6.82 billion, a price-to-earnings ratio of 49.82 and a beta of 0.89. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.42. The stock’s fifty day moving average price is $18.42 and its two-hundred day moving average price is $15.66. NOV has a 52-week low of $10.84 and a 52-week high of $20.85.

NOV (NYSE:NOV) last released its earnings results on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.23). NOV had a return on equity of 3.57% and a net margin of 1.66%.The firm had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter in the previous year, the firm earned $0.41 EPS. The company’s revenue was down 1.3% compared to the same quarter last year. On average, analysts anticipate that NOV will post 1.4 EPS for the current year.

Insider Transactions at NOV

In related news, VP Craig L. Weinstock sold 70,000 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.08, for a total value of $1,405,600.00. Following the completion of the transaction, the vice president directly owned 256,319 shares in the company, valued at approximately $5,146,885.52. The trade was a 21.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph W. Rovig sold 151,086 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.17, for a total value of $3,047,404.62. Following the sale, the insider directly owned 269,694 shares of the company’s stock, valued at approximately $5,439,727.98. The trade was a 35.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its position in shares of NOV by 9.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 7,384 shares of the oil and gas exploration company’s stock worth $115,000 after acquiring an additional 611 shares in the last quarter. Arizona State Retirement System raised its stake in shares of NOV by 0.6% in the 3rd quarter. Arizona State Retirement System now owns 111,185 shares of the oil and gas exploration company’s stock valued at $1,473,000 after purchasing an additional 678 shares during the period. Allworth Financial LP lifted its holdings in shares of NOV by 37.9% in the fourth quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company’s stock valued at $40,000 after purchasing an additional 709 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of NOV by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 116,720 shares of the oil and gas exploration company’s stock worth $1,547,000 after buying an additional 724 shares during the period. Finally, Quadrant Capital Group LLC grew its holdings in shares of NOV by 2.6% during the third quarter. Quadrant Capital Group LLC now owns 29,023 shares of the oil and gas exploration company’s stock worth $385,000 after buying an additional 743 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Company Profile

National Oilwell Varco (NYSE: NOV) is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV’s business is organized to serve upstream energy companies around the world.