COKER & PALMER Downgrades NOV (NYSE:NOV) to Sector Perform

COKER & PALMER downgraded shares of NOV (NYSE:NOV) from a sector outperform rating to a sector perform rating in a research note published on Tuesday, Zacks.com reports.

A number of other equities analysts have also weighed in on the company. Wolfe Research raised NOV from a peer perform rating to an outperform rating in a research report on Monday, January 11th. Wells Fargo & Company upgraded shares of NOV from an equal weight rating to an overweight rating and increased their price objective for the company from $13.50 to $17.00 in a research report on Thursday, January 21st. Zacks Investment Research cut shares of NOV from a hold rating to a sell rating and set a $18.00 target price on the stock. in a report on Thursday, March 11th. Bank of America upgraded shares of NOV from an underperform rating to a neutral rating and set a $16.00 target price for the company in a research note on Wednesday, January 6th. Finally, Smith Barney Citigroup upgraded NOV from a neutral rating to a buy rating in a research note on Tuesday, January 12th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $14.09.

Shares of NOV stock opened at $13.61 on Tuesday. The company has a fifty day moving average of $15.01 and a 200-day moving average of $12.78. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.93 and a current ratio of 2.85. NOV has a 52-week low of $7.70 and a 52-week high of $17.50. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of -2.02 and a beta of 2.22.

NOV (NYSE:NOV) last posted its earnings results on Thursday, February 4th. The oil and gas exploration company reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.30). The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. NOV had a positive return on equity of 1.13% and a negative net margin of 36.63%. On average, equities research analysts forecast that NOV will post -0.09 earnings per share for the current fiscal year.

In related news, VP Scott K. Duff sold 10,000 shares of NOV stock in a transaction on Tuesday, February 23rd. The stock was sold at an average price of $14.81, for a total transaction of $148,100.00. 0.92% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Berman Capital Advisors LLC lifted its position in shares of NOV by 108.6% during the 4th quarter. Berman Capital Advisors LLC now owns 2,380 shares of the oil and gas exploration company’s stock valued at $32,000 after buying an additional 1,239 shares in the last quarter. AXA S.A. purchased a new stake in NOV in the 3rd quarter worth approximately $104,000. IBM Retirement Fund raised its stake in NOV by 7.4% during the 4th quarter. IBM Retirement Fund now owns 13,542 shares of the oil and gas exploration company’s stock worth $186,000 after acquiring an additional 936 shares during the period. TIAA FSB purchased a new position in NOV during the fourth quarter valued at approximately $287,000. Finally, Louisiana State Employees Retirement System boosted its position in shares of NOV by 22.3% in the fourth quarter. Louisiana State Employees Retirement System now owns 24,100 shares of the oil and gas exploration company’s stock worth $331,000 after purchasing an additional 4,400 shares during the period. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

About NOV

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for use in oil and gas drilling and production, and industrial and renewable energy sectors worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

Further Reading: What causes a recession?

Analyst Recommendations for NOV (NYSE:NOV)

Receive News & Ratings for NOV Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NOV and related companies with MarketBeat.com's FREE daily email newsletter.