ATB Capital Reiterates “Sector Perform” Rating for NOV (NYSE:NOV)

NOV (NYSE:NOV)‘s stock had its “sector perform” rating reiterated by analysts at ATB Capital in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $19.00 target price on the oil and gas exploration company’s stock. ATB Capital’s price objective indicates a potential upside of 24.67% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Susquehanna reduced their target price on NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a report on Monday, October 28th. Bank of America cut their price objective on NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Morgan Stanley cut their price objective on NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. TD Cowen cut their price objective on NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, October 28th. Finally, Citigroup downgraded NOV from a “buy” rating to a “neutral” rating and cut their target price for the stock from $21.00 to $18.00 in a report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, NOV currently has a consensus rating of “Hold” and a consensus price target of $20.64.

NOV Price Performance

Shares of NOV stock traded up $0.09 during trading hours on Tuesday, reaching $15.24. The company’s stock had a trading volume of 866,698 shares, compared to its average volume of 3,690,732. The firm’s 50 day simple moving average is $15.93 and its 200-day simple moving average is $17.18. The company has a market capitalization of $5.93 billion, a price-to-earnings ratio of 5.62, a PEG ratio of 0.87 and a beta of 1.66. NOV has a fifty-two week low of $14.94 and a fifty-two week high of $21.23. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26.

Insider Activity at NOV

In other news, Director David D. Harrison sold 1,784 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total value of $28,722.40. Following the transaction, the director now owns 110,951 shares in the company, valued at $1,786,311.10. The trade was a 1.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NOV

Several institutional investors have recently bought and sold shares of NOV. CWM LLC lifted its stake in NOV by 83.0% in the second quarter. CWM LLC now owns 19,657 shares of the oil and gas exploration company’s stock valued at $374,000 after purchasing an additional 8,914 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in NOV by 70.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 17,631 shares of the oil and gas exploration company’s stock valued at $335,000 after acquiring an additional 7,303 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in NOV by 7.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 18,960 shares of the oil and gas exploration company’s stock valued at $360,000 after acquiring an additional 1,261 shares during the period. Stanley Laman Group Ltd. bought a new stake in NOV during the 2nd quarter valued at $4,031,000. Finally, TCW Group Inc. increased its holdings in shares of NOV by 59.6% in the second quarter. TCW Group Inc. now owns 112,201 shares of the oil and gas exploration company’s stock worth $2,133,000 after purchasing an additional 41,890 shares during the period. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.