TD Cowen Raises NOV (NYSE:NOV) Price Target to $28.00

NOV (NYSE:NOV) had its price target raised by research analysts at TD Cowen from $27.00 to $28.00 in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the oil and gas exploration company’s stock. TD Cowen’s price target indicates a potential upside of 36.32% from the stock’s previous close.

Several other equities analysts have also recently weighed in on NOV. Susquehanna reissued a “positive” rating and set a $26.00 price target on shares of NOV in a report on Monday, April 8th. Piper Sandler dropped their target price on NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Benchmark reaffirmed a “hold” rating on shares of NOV in a research report on Friday. Finally, Bank of America dropped their price objective on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $24.21.

NOV Trading Up 3.5 %

Shares of NYSE:NOV opened at $20.54 on Monday. NOV has a 1 year low of $16.77 and a 1 year high of $21.91. The stock’s fifty day moving average price is $18.37 and its 200-day moving average price is $18.60. The company has a market cap of $8.12 billion, a P/E ratio of 8.25, a PEG ratio of 0.62 and a beta of 1.71. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64.

NOV (NYSE:NOV) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.22. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.39 earnings per share. Sell-side analysts expect that NOV will post 1.55 earnings per share for the current year.

Institutional Trading of NOV

Several institutional investors have recently made changes to their positions in NOV. Pzena Investment Management LLC lifted its holdings in NOV by 12.7% in the 1st quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock worth $684,618,000 after purchasing an additional 3,946,504 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of NOV by 67.2% during the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after acquiring an additional 3,989,095 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in NOV by 769.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock valued at $125,048,000 after acquiring an additional 5,456,581 shares in the last quarter. Boston Partners bought a new stake in NOV in the 1st quarter valued at $119,686,000. Finally, Van ECK Associates Corp lifted its stake in NOV by 4.2% in the 4th quarter. Van ECK Associates Corp now owns 5,687,556 shares of the oil and gas exploration company’s stock worth $115,343,000 after purchasing an additional 231,464 shares in the last quarter. Hedge funds and other institutional investors 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.