NOV (NYSE:NOV) Stock Rating Lowered by TD Cowen

NOV (NYSE:NOV) was downgraded by investment analysts at TD Cowen from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

Several other brokerages also recently weighed in on NOV. Stifel Nicolaus boosted their target price on NOV from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. The Goldman Sachs Group raised their price target on NOV from $17.00 to $20.00 and gave the stock a “sell” rating in a report on Wednesday, March 4th. BMO Capital Markets upped their price objective on shares of NOV from $19.00 to $20.00 and gave the company a “market perform” rating in a report on Monday, February 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NOV in a research report on Monday, December 29th. Finally, Piper Sandler lifted their target price on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, NOV presently has an average rating of “Hold” and a consensus price target of $18.57.

NOV Stock Up 1.5%

Shares of NOV stock opened at $19.12 on Tuesday. The company has a quick ratio of 1.67, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.89 billion, a P/E ratio of 50.33 and a beta of 0.89. The firm’s 50 day moving average price is $18.67 and its 200-day moving average price is $15.86. NOV has a 52-week low of $10.84 and a 52-week high of $20.85.

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

Insider Transactions at NOV

In related news, VP Craig L. Weinstock sold 70,000 shares of the company’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 sale, the vice president owned 256,319 shares in the company, valued at $5,146,885.52. This represents a 21.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 transaction of $3,047,404.62. Following the completion of the transaction, the insider owned 269,694 shares in the company, valued at approximately $5,439,727.98. This trade represents a 35.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.08% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Invesco Ltd. lifted its position in NOV by 3.0% during the fourth quarter. Invesco Ltd. now owns 2,088,655 shares of the oil and gas exploration company’s stock valued at $32,646,000 after purchasing an additional 60,148 shares during the period. Mercer Global Advisors Inc. ADV grew its position in NOV by 64.0% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 47,164 shares of the oil and gas exploration company’s stock worth $737,000 after purchasing an additional 18,404 shares during the period. XTX Topco Ltd acquired a new stake in NOV during the 4th quarter worth about $3,173,000. Numerai GP LLC raised its stake in shares of NOV by 30.7% during the 4th quarter. Numerai GP LLC now owns 15,366 shares of the oil and gas exploration company’s stock valued at $240,000 after buying an additional 3,607 shares during the last quarter. Finally, Old West Investment Management LLC acquired a new position in shares of NOV in the 4th quarter valued at about $865,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

About NOV

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.