NOV (NYSE:NOV) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Key Points

• Stifel Nicolaus raised its price target on NOV from $21 to $23 and reiterated a "buy" rating, implying roughly a 22% upside from the prior close.
• Analysts are largely mixed: the MarketBeat consensus is a "Hold" with a $19.07 consensus price target while shares trade around $18.80 (1‑year range $11.44–$20.85).
• NOV's most recent quarter missed EPS ($0.02 vs. $0.25 est.) but beat on revenue ($2.28B vs. $2.17B), and company insiders disclosed sizable share sales in late February.

NOV (NYSE:NOV - Get Free Report) had its price target increased by analysts at Stifel Nicolaus from $21.00 to $23.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the oil and gas exploration company's stock. Stifel Nicolaus' price target indicates a potential upside of 22.35% from the company's previous close.

A number of other research analysts also recently weighed in on NOV. TD Cowen downgraded NOV from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 10th. Citigroup lifted their target price on NOV from $17.00 to $20.00 and gave the company a "neutral" rating in a research note on Wednesday, February 11th. Weiss Ratings reissued a "hold (c)" rating on shares of NOV in a research report on Friday, March 27th. Piper Sandler raised their price target on shares of NOV from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, February 9th. Finally, Argus upgraded shares of NOV to a "hold" rating in a research note on Tuesday, February 10th. Three equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $19.07.

NOV Trading Down 1.6%

Shares of NYSE:NOV opened at $18.80 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.42. The stock has a market capitalization of $6.78 billion, a price-to-earnings ratio of 49.88 and a beta of 0.94. NOV has a 1-year low of $11.44 and a 1-year high of $20.85. The company has a 50 day moving average price of $19.26 and a 200 day moving average price of $17.00.

NOV (NYSE:NOV - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The oil and gas exploration company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.25 by ($0.23). The company had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.17 billion. NOV had a net margin of 1.66% and a return on equity of 3.57%. NOV's revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the company posted $0.41 EPS. On average, research analysts anticipate that NOV will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling

In other NOV news, VP Craig L. Weinstock sold 70,000 shares of the firm's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.08, for a total value of $1,405,600.00. Following the sale, the vice president owned 256,319 shares of the company's stock, valued at $5,146,885.52. This trade represents a 21.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Joseph W. Rovig sold 151,086 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.17, for a total value of $3,047,404.62. Following the completion of the transaction, the insider directly owned 269,694 shares of the company's stock, valued at approximately $5,439,727.98. The trade was a 35.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.08% of the company's stock.

Hedge Funds Weigh In On NOV

A number of large investors have recently modified their holdings of the stock. V Square Quantitative Management LLC bought a new position in NOV in the 4th quarter worth approximately $28,000. CIBC Private Wealth Group LLC raised its position in shares of NOV by 659.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company's stock worth $36,000 after acquiring an additional 1,978 shares during the last quarter. Rothschild Investment LLC lifted its stake 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 during the period. Allworth Financial LP increased its position in NOV by 37.9% in the fourth quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company's stock worth $40,000 after purchasing an additional 709 shares during the period. Finally, UMB Bank n.a. raised its holdings in NOV by 114.1% during the 3rd quarter. UMB Bank n.a. now owns 3,109 shares of the oil and gas exploration company's stock worth $41,000 after purchasing an additional 1,657 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Company Profile

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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