NOV (NYSE:NOV) Price Target Cut to $21.00 by Analysts at Citigroup

Key Points

• Citigroup cut NOV’s price target from $22 to $21 while maintaining a “neutral” rating, implying roughly 12.1% upside from the stock’s $18.73 price.
• Analyst sentiment remains mixed but centers on “Hold”: five analysts rate NOV a Buy, nine a Hold, and two a Sell, with a consensus target of $21.23.
• NOV exceeded quarterly expectations with adjusted EPS of $0.31 versus the $0.17 consensus and revenue of $2.13 billion, though revenue declined 2.5% year over year.

NOV (NYSE:NOV - Get Free Report) had its target price lowered by stock analysts at Citigroup from $22.00 to $21.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas exploration company's stock. Citigroup's price target indicates a potential upside of 12.09% from the company's current price.

A number of other equities analysts have also recently issued reports on NOV. Weiss Ratings reiterated a "hold (c)" rating on shares of NOV in a research report on Monday, September 21st. Susquehanna boosted their target price on shares of NOV from $22.00 to $24.00 and gave the stock a "positive" rating in a research note on Thursday, July 30th. TD Cowen upped their price target on shares of NOV from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Barclays dropped their price target on NOV from $21.00 to $20.00 and set an "underweight" rating for the company in a research note on Friday, July 31st. Finally, Morgan Stanley set a $21.00 price objective on NOV in a report on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, NOV currently has a consensus rating of "Hold" and an average target price of $21.23.

NOV Price Performance

Shares of NOV stock traded down $0.24 during trading hours on Wednesday, reaching $18.73. The company's stock had a trading volume of 2,032,954 shares, compared to its average volume of 4,284,803. The firm's 50 day simple moving average is $20.47 and its 200-day simple moving average is $19.90. The company has a market capitalization of $6.68 billion, a price-to-earnings ratio of 71.98 and a beta of 0.94. NOV has a fifty-two week low of $12.28 and a fifty-two week high of $21.93. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.14. NOV had a return on equity of 3.44% and a net margin of 1.10%.The company had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.08 billion. During the same quarter in the previous year, the firm earned $0.29 EPS. NOV's revenue was down 2.5% on a year-over-year basis. Sell-side analysts forecast that NOV will post 0.99 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director David Harrison sold 9,594 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the transaction, the director owned 126,763 shares in the company, valued at $2,435,117.23. The trade was a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.15% of the stock is owned by corporate insiders.

Institutional Trading of NOV

Large investors have recently bought and sold shares of the business. Parkside Financial Bank & Trust increased its stake in shares of NOV by 133.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,411 shares of the oil and gas exploration company's stock valued at $26,000 after acquiring an additional 807 shares in the last quarter. 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 acquiring an additional 1,130 shares in the last quarter. Root Financial Partners LLC grew its stake in NOV by 39.9% in the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company's stock valued at $36,000 after acquiring an additional 552 shares during the period. Rothschild Investment LLC increased its holdings in shares of NOV by 50.1% during the fourth quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company's stock valued at $37,000 after acquiring an additional 780 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of NOV during the second quarter valued at approximately $37,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Company Profile

NOV Inc is a global provider of equipment, technologies and services used in the oil and gas industry and related energy markets. The company supplies products for drilling, well construction, completion, production and maintenance activities across the energy value chain.

NOV's offerings include land and offshore drilling rigs, rig equipment, hoisting systems, top drives, mud pumps, drill bits, downhole tools, wellbore technologies, completion equipment and production systems. Its technologies are used by exploration and production companies, drilling contractors and oilfield service providers in onshore and offshore operations.

The company serves customers in major energy-producing regions around the world, including North America, South America, Europe, the Middle East, Africa and Asia-Pacific.

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