NOV (NYSE:NOV) Coverage Initiated at Piper Sandler

Stock analysts at Piper Sandler initiated coverage on shares of NOV (NYSE:NOV) in a report issued on Thursday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $17.00 price target on the oil and gas exploration company’s stock. Piper Sandler’s price objective would suggest a potential upside of 20.82% from the company’s previous close.

Several other equities research analysts have also commented on the stock. BMO Capital Markets decreased their target price on shares of NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research report on Thursday, October 10th. JPMorgan Chase & Co. decreased their price objective on shares of NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. TD Cowen dropped their target price on shares of NOV from $28.00 to $22.00 and set a “buy” rating for the company in a report on Monday, October 28th. Wells Fargo & Company decreased their price target on NOV from $16.00 to $15.00 and set an “underweight” rating on the stock in a research note on Monday, November 4th. Finally, Citigroup cut NOV from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $21.00 to $18.00 in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.14.

NOV Stock Up 0.1 %

NOV opened at $14.07 on Thursday. The business has a 50 day simple moving average of $15.70 and a 200-day simple moving average of $17.00. NOV has a 12 month low of $13.97 and a 12 month high of $21.23. The stock has a market capitalization of $5.47 billion, a P/E ratio of 5.19, a P/E/G ratio of 0.87 and a beta of 1.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65.

Insider Transactions at NOV

In other news, Director David D. Harrison sold 1,784 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total transaction of $28,722.40. Following the sale, the director now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On NOV

Large investors have recently added to or reduced their stakes in the business. Tidal Investments LLC grew its holdings in NOV by 20.8% in the 3rd quarter. Tidal Investments LLC now owns 21,200 shares of the oil and gas exploration company’s stock valued at $339,000 after buying an additional 3,645 shares during the period. Barclays PLC grew its holdings in NOV by 120.1% in the third quarter. Barclays PLC now owns 473,545 shares of the oil and gas exploration company’s stock valued at $7,561,000 after purchasing an additional 258,392 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in NOV during the third quarter worth approximately $1,713,000. XTX Topco Ltd purchased a new position in NOV during the third quarter worth approximately $955,000. Finally, Wolverine Trading LLC boosted its holdings in shares of NOV by 29.1% in the 3rd quarter. Wolverine Trading LLC now owns 17,688 shares of the oil and gas exploration company’s stock valued at $283,000 after purchasing an additional 3,988 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

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.