NOV (NYSE:NOV) Price Target Lowered to $16.00 at Barclays

NOV (NYSE:NOV) had its price target reduced by equities researchers at Barclays from $17.00 to $16.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “underweight” rating on the oil and gas exploration company’s stock. Barclays‘s price objective would indicate a potential upside of 3.93% from the stock’s previous close.

Several other research firms also recently commented on NOV. Benchmark reaffirmed a “hold” rating on shares of NOV in a research note on Friday, July 26th. Bank of America lowered their price target on shares of NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, October 14th. JPMorgan Chase & Co. dropped their price target on shares of NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Piper Sandler decreased their price objective on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Finally, Citigroup dropped their target price on shares of NOV from $24.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, NOV has an average rating of “Moderate Buy” and a consensus price target of $21.93.

NOV Price Performance

Shares of NOV stock opened at $15.40 on Tuesday. The stock has a market cap of $6.06 billion, a P/E ratio of 5.68, a P/E/G ratio of 0.91 and a beta of 1.67. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. The stock’s fifty day moving average is $16.44 and its 200 day moving average is $17.79. NOV has a one year low of $14.98 and a one year high of $21.23.

Institutional Trading of NOV

Several hedge funds have recently modified their holdings of NOV. Rothschild Investment LLC bought a new stake in NOV in the second quarter worth $28,000. American National Bank & Trust purchased a new position in shares of NOV in the 3rd quarter worth $39,000. International Assets Investment Management LLC increased its holdings in shares of NOV by 1,590.1% in the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock worth $46,000 after buying an additional 2,735 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of NOV during the 2nd quarter valued at about $78,000. Finally, Signaturefd LLC lifted its holdings in shares of NOV by 67.6% in the 2nd quarter. Signaturefd LLC now owns 4,443 shares of the oil and gas exploration company’s stock valued at $84,000 after acquiring an additional 1,792 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.