Royal Bank of Canada Reaffirms “Sector Perform” Rating for NOV (NYSE:NOV)

NOV (NYSE:NOV)‘s stock had its “sector perform” rating reiterated by Royal Bank of Canada in a report released on Monday, Benzinga reports. They currently have a $24.00 price objective on the oil and gas exploration company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 21.77% from the stock’s previous close.

Several other brokerages have also weighed in on NOV. Piper Sandler dropped their target price on NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Benchmark restated a “hold” rating on shares of NOV in a report on Friday. Susquehanna reiterated a “positive” rating and issued a $26.00 price objective on shares of NOV in a research note on Monday, April 8th. TD Cowen increased their target price on shares of NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Bank of America cut their price objective on NOV from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, July 15th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, NOV presently has an average rating of “Hold” and an average price target of $24.21.

NOV Price Performance

Shares of NOV stock traded down $0.14 during mid-day trading on Monday, hitting $19.71. 976,002 shares of the stock traded hands, compared to its average volume of 3,718,026. The company’s 50-day simple moving average is $18.37 and its 200-day simple moving average is $18.60. NOV has a twelve month low of $16.77 and a twelve month high of $21.91. The firm has a market cap of $7.80 billion, a price-to-earnings ratio of 7.90, a price-to-earnings-growth ratio of 0.62 and a beta of 1.71. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61.

NOV (NYSE:NOV) last announced its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.35 by $0.22. The company had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period last year, the company posted $0.39 earnings per share. As a group, equities research analysts expect that NOV will post 1.55 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James & Associates lifted its holdings in NOV by 1.1% in the fourth quarter. Raymond James & Associates now owns 298,807 shares of the oil and gas exploration company’s stock valued at $6,060,000 after buying an additional 3,209 shares during the period. Pacer Advisors Inc. lifted its stake in NOV by 79.3% during the 4th quarter. Pacer Advisors Inc. now owns 59,226 shares of the oil and gas exploration company’s stock valued at $1,201,000 after acquiring an additional 26,185 shares in the last quarter. International Assets Investment Management LLC increased its stake in NOV by 1,306.5% in the 4th quarter. International Assets Investment Management LLC now owns 3,488 shares of the oil and gas exploration company’s stock valued at $71,000 after buying an additional 3,240 shares during the last quarter. New York State Teachers Retirement System boosted its position in NOV by 2.2% in the fourth quarter. New York State Teachers Retirement System now owns 515,898 shares of the oil and gas exploration company’s stock worth $10,462,000 after purchasing an additional 11,292 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in NOV by 7.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,354 shares of the oil and gas exploration company’s stock valued at $372,000 after buying an additional 1,197 shares during the period. 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.