NOV (NYSE:NOV) Upgraded by Royal Bank of Canada to “Outperform” Rating

NOV (NYSE:NOV) was upgraded by stock analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research note issued on Monday, Marketbeat Ratings reports. The firm currently has a $22.00 price target on the oil and gas exploration company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 50.53% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. ATB Capital reiterated a “sector perform” rating and set a $19.00 price target on shares of NOV in a report on Tuesday, December 10th. Piper Sandler raised their price objective on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Raymond James upped their target price on shares of NOV from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Seaport Res Ptn downgraded shares of NOV from a “strong-buy” rating to a “hold” rating in a report on Sunday, January 5th. Finally, Evercore ISI reiterated an “in-line” rating and issued a $18.00 target price (down previously from $25.00) on shares of NOV in a research note on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $19.60.

NOV Trading Down 3.2 %

Shares of NYSE:NOV opened at $14.62 on Monday. The company has a quick ratio of 1.64, a current ratio of 2.46 and a debt-to-equity ratio of 0.26. NOV has a 12-month low of $13.78 and a 12-month high of $21.20. The firm has a fifty day moving average of $14.99 and a two-hundred day moving average of $15.42. The firm has a market capitalization of $5.57 billion, a P/E ratio of 9.08, a price-to-earnings-growth ratio of 1.02 and a beta of 1.66.

NOV (NYSE:NOV) last announced its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. On average, equities analysts expect that NOV will post 1.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. raised its stake in shares of NOV by 10.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 581,446 shares of the oil and gas exploration company’s stock worth $8,489,000 after buying an additional 56,665 shares during the last quarter. Greenhaven Associates Inc. boosted its stake in NOV by 61.7% in the fourth quarter. Greenhaven Associates Inc. now owns 3,291,042 shares of the oil and gas exploration company’s stock valued at $48,049,000 after acquiring an additional 1,255,666 shares during the last quarter. Barclays PLC grew its holdings in NOV by 120.1% during the 3rd quarter. Barclays PLC now owns 473,545 shares of the oil and gas exploration company’s stock worth $7,561,000 after acquiring an additional 258,392 shares during the period. Bank of Montreal Can raised its position in shares of NOV by 519.1% during the 3rd quarter. Bank of Montreal Can now owns 438,068 shares of the oil and gas exploration company’s stock valued at $7,000,000 after acquiring an additional 367,308 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of NOV in the 3rd quarter valued at $35,709,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

About NOV

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.