Piper Sandler Issues Pessimistic Forecast for NOV (NYSE:NOV) Stock Price

Key Points

• Piper Sandler has reduced its price target for NOV stock from $16.00 to $14.00, maintaining a "neutral" rating, which indicates a potential upside of 15.22% from the current stock price.
• Other analysts have also downgraded their targets, with Royal Bank of Canada lowering theirs to $18.00 and JPMorgan reducing it to $15.00, while Barclays set a new low target of $11.00.
• The latest quarterly earnings report revealed a missed EPS estimate of $0.29 compared to the expected $0.30, alongside a year-over-year revenue decline of 1.3%, highlighting ongoing operational challenges for the company.

NOV (NYSE:NOV - Get Free Report) had its target price dropped by analysts at Piper Sandler from $16.00 to $14.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the oil and gas exploration company's stock. Piper Sandler's price target points to a potential upside of 14.85% from the stock's current price.

A number of other brokerages have also recently weighed in on NOV. Barclays dropped their price target on shares of NOV from $13.00 to $11.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. Wells Fargo & Company dropped their price target on shares of NOV from $11.00 to $10.00 and set an "underweight" rating for the company in a research report on Thursday, June 5th. Stifel Nicolaus dropped their price target on shares of NOV from $22.00 to $20.00 and set a "buy" rating for the company in a research report on Wednesday, July 30th. Evercore ISI dropped their price target on shares of NOV from $15.00 to $14.00 and set an "in-line" rating for the company in a research report on Wednesday, July 30th. Finally, Susquehanna set a $17.00 price target on shares of NOV and gave the company a "positive" rating in a research report on Wednesday, July 30th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, NOV presently has a consensus rating of "Hold" and a consensus price target of $16.56.

NOV Stock Performance

NYSE NOV traded down $0.14 during mid-day trading on Thursday, reaching $12.19. 2,323,784 shares of the stock were exchanged, compared to its average volume of 4,171,049. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.72 and a current ratio of 2.58. The company has a market capitalization of $4.53 billion, a P/E ratio of 9.99, a P/E/G ratio of 3.38 and a beta of 1.32. NOV has a 1 year low of $10.84 and a 1 year high of $18.40. The business's 50 day moving average is $13.01 and its 200-day moving average is $13.38.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The oil and gas exploration company reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). NOV had a return on equity of 7.25% and a net margin of 5.36%. The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The business's revenue was down 1.3% compared to the same quarter last year. On average, equities research analysts forecast that NOV will post 1.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Banque Cantonale Vaudoise purchased a new position in NOV during the 1st quarter worth $25,000. CoreFirst Bank & Trust purchased a new position in shares of NOV during the 2nd quarter worth about $35,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of NOV during the 1st quarter worth about $36,000. CX Institutional purchased a new position in NOV in the first quarter valued at approximately $42,000. Finally, Hantz Financial Services Inc. raised its stake in shares of NOV by 395.3% during the second quarter. Hantz Financial Services Inc. now owns 3,660 shares of the oil and gas exploration company's stock valued at $45,000 after purchasing an additional 2,921 shares during the period. Institutional investors and hedge funds own 93.27% of the company's stock.

About NOV

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.