Barclays Increases NOV (NYSE:NOV) Price Target to $22.00

NOV (NYSE:NOVGet Rating) had its target price increased by equities researchers at Barclays from $20.00 to $22.00 in a note issued to investors on Wednesday, The Fly reports. Barclays‘s price objective points to a potential upside of 1.76% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Griffin Securities upgraded shares of NOV from a “neutral” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Monday, May 2nd. Bank of America downgraded shares of NOV from a “buy” rating to an “underperform” rating in a research report on Friday, March 11th. The Goldman Sachs Group downgraded shares of NOV from a “neutral” rating to a “sell” rating and set a $16.00 price objective on the stock. in a research report on Wednesday, February 23rd. Wells Fargo & Company lifted their price objective on shares of NOV from $14.00 to $16.00 and gave the company an “underweight” rating in a research note on Thursday, March 31st. Finally, Citigroup lowered shares of NOV from a “buy” rating to a “neutral” rating and cut their target price for the company from $22.00 to $21.00 in a report on Monday, March 14th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $19.54.

Shares of NOV stock opened at $21.62 on Wednesday. The firm has a market cap of $8.49 billion, a PE ratio of -45.04 and a beta of 1.89. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.50 and a quick ratio of 1.77. NOV has a 1 year low of $11.46 and a 1 year high of $24.06. The company has a 50 day simple moving average of $19.28 and a two-hundred day simple moving average of $17.16.

NOV (NYSE:NOVGet Rating) last posted its earnings results on Thursday, April 28th. The oil and gas exploration company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.07). NOV had a negative return on equity of 2.54% and a negative net margin of 3.18%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.53 billion. As a group, research analysts anticipate that NOV will post 0.26 earnings per share for the current year.

In related news, Director Eric L. Mattson sold 9,819 shares of NOV stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $19.15, for a total value of $188,033.85. Following the sale, the director now owns 67,281 shares of the company’s stock, valued at $1,288,431.15. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.59% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC bought a new position in shares of NOV during the 4th quarter worth about $70,433,000. Marshall Wace LLP bought a new stake in shares of NOV during the 4th quarter worth $53,249,000. Lord Abbett & CO. LLC lifted its stake in NOV by 278.7% in the first quarter. Lord Abbett & CO. LLC now owns 5,025,305 shares of the oil and gas exploration company’s stock worth $98,546,000 after purchasing an additional 3,698,205 shares during the last quarter. Invesco Ltd. increased its position in shares of NOV by 88.0% in the first quarter. Invesco Ltd. now owns 5,810,818 shares of the oil and gas exploration company’s stock valued at $113,950,000 after acquiring an additional 2,720,566 shares during the period. Finally, Millennium Management LLC increased its position in shares of NOV by 625.5% in the fourth quarter. Millennium Management LLC now owns 2,949,533 shares of the oil and gas exploration company’s stock valued at $39,966,000 after acquiring an additional 2,542,985 shares during the period. Institutional investors and hedge funds own 93.94% of the company’s stock.

About NOV (Get Rating)

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

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