Barclays Issues Pessimistic Forecast for NOV (NYSE:NOV) Stock Price

Key Points

• Barclays lowered NOV’s price target from $21 to $20 and maintained an “underweight” rating, implying only 3.43% potential upside from the prior close.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $21.31 based on ratings from 16 analysts.
• NOV beat quarterly expectations, reporting $0.31 in EPS versus the $0.17 consensus and $2.13 billion in revenue, although revenue declined 2.5% year over year.

NOV (NYSE:NOV - Get Free Report) had its price target decreased by equities research analysts at Barclays from $21.00 to $20.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "underweight" rating on the oil and gas exploration company's stock. Barclays's target price indicates a potential upside of 3.43% from the stock's previous close.

NOV has been the topic of a number of other reports. Evercore raised NOV to a "hold" rating in a report on Wednesday, April 29th. Morgan Stanley set a $21.00 target price on shares of NOV in a report on Wednesday, July 15th. Stifel Nicolaus raised their target price on shares of NOV from $21.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Citigroup upped their price target on NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a report on Thursday, June 18th. Finally, The Goldman Sachs Group set a $19.00 price objective on NOV in a research report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, NOV has a consensus rating of "Hold" and an average price target of $21.31.

NOV Price Performance

Shares of NYSE:NOV opened at $19.34 on Friday. NOV has a 52 week low of $11.77 and a 52 week high of $21.55. The firm has a market capitalization of $6.94 billion, a P/E ratio of 74.37 and a beta of 0.91. The firm's 50 day moving average is $19.63 and its two-hundred day moving average is $19.42. The company has a current ratio of 2.42, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $2.08 billion. During the same period last year, the company earned $0.29 earnings per share. The company's quarterly revenue was down 2.5% compared to the same quarter last year. Analysts anticipate that NOV will post 0.9 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. V Square Quantitative Management LLC acquired a new position in shares of NOV in the 4th quarter valued at about $28,000. Root Financial Partners LLC raised its holdings in shares of NOV by 39.9% during the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company's stock worth $36,000 after acquiring an additional 552 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in NOV by 659.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company's stock valued at $36,000 after purchasing an additional 1,978 shares in the last quarter. Rothschild Investment LLC lifted its holdings in shares of NOV by 50.1% during the 4th quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company's stock valued at $37,000 after buying an additional 780 shares during the last quarter. Finally, Altshuler Shaham Ltd lifted its stake in NOV by 36.8% in the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company's stock valued at $38,000 after acquiring an additional 546 shares during the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

About NOV

National Oilwell Varco NYSE: NOV is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV's business is organized to serve upstream energy companies around the world.

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