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

Key Points

• Citigroup cut NOV’s price target from $21 to $20 and maintained a neutral rating; the new target implies 14.88% upside from the prior close.
• Analyst sentiment is broadly neutral: MarketBeat reports a consensus “Hold” rating and an average price target of $21.58.
• NOV shares fell 3.4% Thursday to $17.41. In its latest quarter, the company met EPS expectations at $0.25 and reported revenue of $2.23 billion, above estimates.

NOV (NYSE:NOV - Get Free Report) had its target price dropped by stock analysts at Citigroup from $21.00 to $20.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a "neutral" rating on the oil and gas exploration company's stock. Citigroup's price target would suggest a potential upside of 14.88% from the company's previous close.

NOV has been the subject of several other research reports. Weiss Ratings restated a "hold (c)" rating on shares of NOV in a research note on Monday, September 21st. Susquehanna lifted their target price on NOV from $22.00 to $24.00 and gave the company a "positive" rating in a report on Thursday, July 30th. Barclays boosted their target price on NOV from $20.00 to $21.00 and gave the stock an "underweight" rating in a research note on Thursday, October 29th. Zacks Research downgraded NOV from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 26th. Finally, TD Cowen increased their price target on NOV from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, NOV has a consensus rating of "Hold" and an average target price of $21.58.

NOV Trading Down 3.4%

NYSE:NOV traded down $0.62 on Thursday, reaching $17.41. 4,896,199 shares of the company's stock were exchanged, compared to its average volume of 4,260,647. The company has a quick ratio of 1.66, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 43.52 and a beta of 0.96. The business has a fifty day moving average of $19.83 and a 200-day moving average of $19.65. NOV has a 52-week low of $14.30 and a 52-week high of $21.93.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The oil and gas exploration company reported $0.25 EPS for the quarter, meeting the consensus estimate of $0.25. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.20 billion. NOV had a net margin of 1.65% and a return on equity of 4.23%. The business's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 earnings per share. As a group, analysts expect that NOV will post 1.01 earnings per share for the current year.

Hedge Funds Weigh In On NOV

Institutional investors and hedge funds have recently modified their holdings of the company. Parkside Financial Bank & Trust boosted its position in shares of NOV by 133.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,411 shares of the oil and gas exploration company's stock worth $26,000 after purchasing an additional 807 shares in the last quarter. Reyes Financial Architecture Inc. bought a new position in shares of NOV during the third quarter worth about $31,000. IFP Advisors Inc boosted its holdings in NOV by 198.6% in the second quarter. IFP Advisors Inc now owns 1,699 shares of the oil and gas exploration company's stock worth $32,000 after purchasing an additional 1,130 shares during the period. Root Financial Partners LLC raised its position in shares of NOV by 39.9% during the 1st quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company's stock worth $36,000 after purchasing an additional 552 shares during the period. Finally, Provenance Wealth Advisors LLC acquired a new stake in shares of NOV in the 3rd quarter worth about $37,000. Institutional investors and hedge funds own 93.27% of the company's stock.

About NOV

NOV Inc NYSE: NOV is a Houston-based technology and equipment provider serving the global energy industry. The company develops and manufactures products and systems used in oil and natural gas drilling, well construction, completion and production operations.

Its offerings include land and offshore drilling rigs, rig equipment and components, downhole tools, drill pipe, wellbore technologies, pressure-control systems, and equipment used to enhance production. NOV also provides aftermarket parts, technical support, maintenance and other services designed to help energy companies operate and maintain their equipment.

The company was formed in 2005 through the merger of National Oilwell and Varco International, building on businesses with much longer histories in the oilfield equipment industry.

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