NOV (NYSE:NOV) Given New $20.00 Price Target at Barclays

NOV (NYSE:NOV) had its price objective boosted by equities researchers at Barclays from $17.00 to $20.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the oil and gas exploration company’s stock. Barclays‘s price objective indicates a potential downside of 3.94% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Benchmark reissued a “hold” rating on shares of NOV in a research report on Friday, July 26th. TD Cowen boosted their price target on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Monday. Bank of America cut their price target on NOV from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Piper Sandler cut their price target on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $24.00 price target on shares of NOV in a research note on Monday. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.08.

NOV Price Performance

NOV opened at $20.82 on Tuesday. The stock has a 50-day moving average price of $18.47 and a 200-day moving average price of $18.62. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The firm has a market cap of $8.24 billion, a PE ratio of 8.36, a P/E/G ratio of 0.61 and a beta of 1.70. NOV has a 1 year low of $16.77 and a 1 year high of $21.91.

NOV (NYSE:NOV) last issued its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.22. NOV had a return on equity of 10.97% and a net margin of 11.88%. The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the previous year, the firm earned $0.39 EPS. NOV’s revenue was up 5.9% on a year-over-year basis. Sell-side analysts predict that NOV will post 1.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pzena Investment Management LLC boosted its stake in NOV by 12.7% in the 1st quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock worth $684,618,000 after purchasing an additional 3,946,504 shares during the period. Bank of New York Mellon Corp boosted its stake in NOV by 67.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after purchasing an additional 3,989,095 shares during the period. Balyasny Asset Management L.P. boosted its stake in NOV by 769.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock worth $125,048,000 after purchasing an additional 5,456,581 shares during the period. Boston Partners bought a new position in NOV in the 1st quarter worth approximately $119,686,000. Finally, Van ECK Associates Corp boosted its stake in NOV by 4.2% in the 4th quarter. Van ECK Associates Corp now owns 5,687,556 shares of the oil and gas exploration company’s stock worth $115,343,000 after purchasing an additional 231,464 shares during the period. 93.27% of the stock is currently 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.