NOV (NYSE:NOV) Price Target Lowered to $20.00 at Stifel Nicolaus

Key Points

• Stifel Nicolaus has lowered its price target for NOV from $22.00 to $20.00, maintaining a "buy" rating, indicating a potential upside of 53.43% from the last closing price.
• Other analysts have also reduced their price targets for NOV, with Wells Fargo setting a new low of $10.00, resulting in a consensus rating of "Hold" and a target price of $17.00.
• NOV's latest quarterly earnings report showed a decrease in earnings per share to $0.29, missing estimates, with total revenue reported at $2.19 billion, down 1.3% compared to the previous year.

NOV (NYSE:NOV - Get Free Report) had its target price cut by analysts at Stifel Nicolaus from $22.00 to $20.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the oil and gas exploration company's stock. Stifel Nicolaus' target price points to a potential upside of 63.51% from the stock's previous close.

A number of other equities research analysts have also weighed in on the company. Morgan Stanley lowered their target price on NOV from $18.00 to $15.00 and set an "overweight" rating for the company in a research note 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. Barclays lowered their price target on shares of NOV from $13.00 to $11.00 and set an "underweight" rating for the company in a report on Wednesday, April 30th. The Goldman Sachs Group cut their price target on shares of NOV from $16.00 to $13.00 and set a "sell" rating on the stock in a report on Thursday, April 10th. Finally, Wells Fargo & Company lowered their price objective on shares of NOV from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Thursday, June 5th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $16.69.

NOV Price Performance

NOV stock traded down $0.35 during mid-day trading on Wednesday, hitting $12.23. 383,600 shares of the stock were exchanged, compared to its average volume of 4,363,036. The business has a fifty day moving average price of $13.04 and a 200 day moving average price of $13.61. NOV has a 12 month low of $10.84 and a 12 month high of $19.35. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.58 and a quick ratio of 1.76. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 10.03, a PEG ratio of 3.41 and a beta of 1.28.

NOV (NYSE:NOV - Get Free Report) last announced its quarterly earnings data 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). The business had revenue of $2.19 billion during the quarter, compared to analysts' expectations of $2.16 billion. NOV had a net margin of 5.36% and a return on equity of 7.25%. NOV's revenue for the quarter was down 1.3% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS. On average, sell-side analysts anticipate that NOV will post 1.4 EPS for the current year.

Institutional Trading of NOV

Institutional investors and hedge funds have recently bought and sold shares of the company. Banque Cantonale Vaudoise bought a new position in shares of NOV in the first quarter worth approximately $25,000. Huntington National Bank raised its holdings in NOV by 88.7% in the 4th quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company's stock worth $32,000 after acquiring an additional 1,034 shares during the last quarter. Covestor Ltd raised its holdings in NOV by 282.9% in the 4th quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company's stock worth $33,000 after acquiring an additional 1,655 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in NOV in the 1st quarter valued at approximately $36,000. Finally, CX Institutional purchased a new stake in NOV during the 1st quarter valued at $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.