NOV (NYSE:NOV) Price Target Cut to $18.00 by Analysts at Susquehanna

NOV (NYSE:NOV - Get Free Report) had its price target reduced by stock analysts at Susquehanna from $19.00 to $18.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "positive" rating on the oil and gas exploration company's stock. Susquehanna's price target suggests a potential upside of 39.43% from the stock's previous close.

Other analysts have also issued reports about the stock. Morgan Stanley cut their target price on shares of NOV from $18.00 to $15.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. JPMorgan Chase & Co. reduced their price objective on shares of NOV from $20.00 to $17.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. Piper Sandler dropped their target price on NOV from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Royal Bank Of Canada lowered their price objective on NOV from $20.00 to $19.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Finally, Stifel Nicolaus dropped their price objective on NOV from $25.00 to $23.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $17.38.

NOV Stock Up 3.9%

NOV stock traded up $0.48 during midday trading on Tuesday, hitting $12.91. The company's stock had a trading volume of 5,219,697 shares, compared to its average volume of 4,115,625. NOV has a 52-week low of $10.84 and a 52-week high of $21.20. The firm has a 50-day simple moving average of $12.62 and a 200-day simple moving average of $13.81. The company has a quick ratio of 1.76, a current ratio of 2.65 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $4.85 billion, a P/E ratio of 8.61, a PEG ratio of 3.09 and a beta of 1.28.

NOV (NYSE:NOV - Get Free Report) last released its earnings results on Monday, April 28th. The oil and gas exploration company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.06). The company had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.11 billion. NOV had a return on equity of 9.11% and a net margin of 6.68%. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 earnings per share. As a group, equities analysts forecast that NOV will post 1.4 EPS for the current year.

Hedge Funds Weigh In On NOV

Several institutional investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC lifted its position in NOV by 2.8% during the 1st quarter. Voya Investment Management LLC now owns 48,413 shares of the oil and gas exploration company's stock worth $737,000 after acquiring an additional 1,309 shares during the period. Focus Partners Wealth acquired a new stake in shares of NOV during the first quarter worth $214,000. Bayforest Capital Ltd grew its position in NOV by 197.1% in the 1st quarter. Bayforest Capital Ltd now owns 48,041 shares of the oil and gas exploration company's stock valued at $731,000 after buying an additional 31,873 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in NOV by 17.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,062,292 shares of the oil and gas exploration company's stock valued at $16,168,000 after buying an additional 157,385 shares during the period. Finally, Empowered Funds LLC raised its position in NOV by 2,266.9% during the 1st quarter. Empowered Funds LLC now owns 509,555 shares of the oil and gas exploration company's stock worth $7,755,000 after buying an additional 488,027 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

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.