NOV (NYSE:NOV) Stock Rating Reaffirmed by Royal Bank of Canada

NOV (NYSE:NOVGet Free Report)‘s stock had its “sector perform” rating reiterated by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $24.00 price objective on the oil and gas exploration company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 39.62% from the stock’s previous close.

A number of other research firms have also commented on NOV. Stifel Nicolaus reduced their price objective on shares of NOV from $28.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday. Morgan Stanley increased their target price on shares of NOV from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Tuesday, October 17th. Barclays downgraded shares of NOV from an “equal weight” rating to an “underweight” rating and set a $20.00 target price for the company. in a report on Tuesday, October 17th. JPMorgan Chase & Co. upgraded shares of NOV from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $22.00 to $25.00 in a report on Friday, December 8th. Finally, StockNews.com upgraded shares of NOV from a “sell” rating to a “hold” rating in a research note on Wednesday, January 31st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, NOV presently has a consensus rating of “Hold” and an average target price of $24.40.

View Our Latest Stock Analysis on NOV

NOV Price Performance

NOV stock opened at $17.19 on Tuesday. The company has a 50 day simple moving average of $19.64 and a 200 day simple moving average of $19.95. The stock has a market cap of $6.77 billion, a price-to-earnings ratio of 6.85, a P/E/G ratio of 0.29 and a beta of 1.77. NOV has a 1 year low of $14.05 and a 1 year high of $24.21. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.40 and a quick ratio of 1.51.

NOV (NYSE:NOVGet Free Report) last released its quarterly earnings data on Friday, February 2nd. The oil and gas exploration company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $1.10. The business had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.26 billion. NOV had a net margin of 11.57% and a return on equity of 10.79%. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.26 EPS. Research analysts anticipate that NOV will post 1.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in NOV. Vanguard Group Inc. increased its position in NOV by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 38,925,240 shares of the oil and gas exploration company’s stock valued at $629,810,000 after purchasing an additional 349,025 shares during the period. BlackRock Inc. boosted its holdings in shares of NOV by 0.8% during the 1st quarter. BlackRock Inc. now owns 37,748,140 shares of the oil and gas exploration company’s stock valued at $698,718,000 after buying an additional 284,784 shares in the last quarter. Pzena Investment Management LLC boosted its holdings in shares of NOV by 24.6% during the 2nd quarter. Pzena Investment Management LLC now owns 36,790,723 shares of the oil and gas exploration company’s stock valued at $590,123,000 after buying an additional 7,259,286 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of NOV by 29.8% during the 2nd quarter. Hotchkis & Wiley Capital Management LLC now owns 23,376,075 shares of the oil and gas exploration company’s stock valued at $374,952,000 after buying an additional 5,365,090 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of NOV by 30.9% during the 3rd quarter. FMR LLC now owns 18,514,921 shares of the oil and gas exploration company’s stock valued at $386,962,000 after buying an additional 4,369,540 shares in the last quarter. 93.19% of the stock is owned by hedge funds and other institutional investors.

About NOV

(Get Free Report)

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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Analyst Recommendations for NOV (NYSE:NOV)

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