NOV (NYSE:NOV) Given New $18.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has lowered its target price for NOV (NYSE:NOV) stock from $19.00 to $18.00, maintaining an "outperform" rating which suggests a potential upside of 40.90%.
• Other analysts, including Morgan Stanley and JPMorgan, have also cut their price targets for NOV, with estimates ranging from $10.00 to $15.00 and many analysts giving the stock a "hold" or "sell" rating.
• NOV's recent earnings report showed a miss in earnings per share at $0.29, compared to the estimated $0.30, along with a year-over-year revenue decline of 1.3%.

NOV (NYSE:NOV - Get Free Report) had its target price dropped by research analysts at Royal Bank Of Canada from $19.00 to $18.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the oil and gas exploration company's stock. Royal Bank Of Canada's price target points to a potential upside of 48.27% from the stock's previous close.

Several other brokerages have also recently issued reports on NOV. Evercore ISI decreased their target price on shares of NOV from $15.00 to $14.00 and set an "in-line" rating for the company in a report on Wednesday. Morgan Stanley decreased their target price on shares of NOV from $18.00 to $15.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Susquehanna set a $17.00 target price on shares of NOV and gave the stock a "positive" rating in a report on Wednesday. Piper Sandler decreased their target price on shares of NOV from $18.00 to $16.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Finally, The Goldman Sachs Group decreased their target price on shares of NOV from $16.00 to $13.00 and set a "sell" rating for the company in a report on Thursday, April 10th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, NOV has a consensus rating of "Hold" and an average target price of $16.69.

NOV Stock Down 3.5%

NYSE NOV traded down $0.44 during trading hours on Wednesday, reaching $12.14. 4,160,059 shares of the company's stock traded hands, compared to its average volume of 4,032,447. NOV has a 52-week low of $10.84 and a 52-week high of $19.35. The firm has a market cap of $4.51 billion, a PE ratio of 9.95, a PEG ratio of 3.36 and a beta of 1.32. The firm has a 50-day simple moving average of $13.04 and a 200 day simple moving average of $13.60. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.58 and a quick ratio of 1.76.

NOV (NYSE:NOV - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The oil and gas exploration company reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). NOV had a net margin of 5.36% and a return on equity of 7.25%. The business had revenue of $2.19 billion for the quarter, compared to analysts' expectations of $2.16 billion. During the same period last year, the business earned $0.57 earnings per share. The company's revenue was down 1.3% on a year-over-year basis. Sell-side analysts anticipate that NOV will post 1.4 EPS for the current fiscal year.

Institutional Trading of NOV

Several large investors have recently added to or reduced their stakes in NOV. Banque Cantonale Vaudoise bought a new stake in NOV during the first quarter valued at approximately $25,000. Huntington National Bank grew its position in NOV by 88.7% during the fourth quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company's stock valued at $32,000 after buying an additional 1,034 shares during the period. Covestor Ltd grew its position in NOV by 282.9% during the fourth quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company's stock valued at $33,000 after buying an additional 1,655 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in NOV during the first quarter valued at approximately $36,000. Finally, CX Institutional bought a new stake in NOV during the first quarter valued at approximately $42,000. 93.27% of the stock is currently owned by institutional investors.

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.