NOV (NYSE:NOV) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

NOV (NYSE:NOV) had its price target increased by equities researchers at Royal Bank of Canada from $21.00 to $22.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the oil and gas exploration company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 39.84% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on NOV. Citigroup cut shares of NOV from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $21.00 to $18.00 in a research report on Monday, November 11th. ATB Capital reiterated a “sector perform” rating and set a $19.00 target price on shares of NOV in a research report on Tuesday, December 10th. Evercore ISI reiterated an “in-line” rating and set a $18.00 target price (down previously from $25.00) on shares of NOV in a research report on Wednesday, January 15th. Bank of America lowered their price objective on shares of NOV from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Finally, Piper Sandler assumed coverage on shares of NOV in a research report on Thursday, December 19th. They issued a “neutral” rating and a $17.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $19.50.

NOV Stock Performance

Shares of NYSE:NOV traded down $0.70 on Thursday, hitting $15.73. 2,845,109 shares of the company were exchanged, compared to its average volume of 3,653,889. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. The company’s 50 day moving average price is $14.93 and its two-hundred day moving average price is $16.16. NOV has a one year low of $13.94 and a one year high of $21.20. The firm has a market capitalization of $6.12 billion, a price-to-earnings ratio of 5.82, a PEG ratio of 0.93 and a beta of 1.64.

NOV (NYSE:NOV) last announced its quarterly earnings data on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. NOV had a return on equity of 10.82% and a net margin of 12.05%. Research analysts expect that NOV will post 1.53 earnings per share for the current year.

Insider Activity at NOV

In other NOV news, Director David D. Harrison sold 1,784 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total transaction of $28,722.40. Following the completion of the sale, the director now directly owns 110,951 shares in the company, valued at $1,786,311.10. This trade represents a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NOV. Creative Planning increased its holdings in shares of NOV by 29.8% during the second quarter. Creative Planning now owns 33,815 shares of the oil and gas exploration company’s stock worth $643,000 after purchasing an additional 7,757 shares during the period. Truist Financial Corp increased its stake in NOV by 3.4% in the second quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock valued at $565,000 after acquiring an additional 991 shares during the last quarter. Sanctuary Advisors LLC bought a new position in NOV in the second quarter valued at approximately $285,000. Diversified Trust Co bought a new position in NOV in the third quarter valued at approximately $595,000. Finally, nVerses Capital LLC bought a new position in NOV in the third quarter valued at approximately $487,000. 93.27% of the stock is owned by institutional investors.

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.