NOV (NYSE:NOV) Given New $23.00 Price Target at Morgan Stanley

NOV (NYSE:NOV) had its price target cut by Morgan Stanley from $25.00 to $23.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas exploration company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 44.56% from the company’s current price.

NOV has been the topic of several other reports. Bank of America dropped their price target on NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Benchmark restated a “hold” rating on shares of NOV in a research report on Friday, July 26th. TD Cowen increased their price objective on shares of NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Piper Sandler decreased their target price on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Finally, Barclays increased their price target on NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.42.

NOV Stock Up 0.3 %

NYSE:NOV traded up $0.05 during trading hours on Monday, hitting $15.91. The stock had a trading volume of 2,320,809 shares, compared to its average volume of 3,640,579. The company has a market cap of $6.26 billion, a PE ratio of 6.39, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67. The business has a 50 day simple moving average of $18.01 and a two-hundred day simple moving average of $18.40. NOV has a 1-year low of $15.47 and a 1-year high of $21.71. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.22. NOV had a return on equity of 10.97% and a net margin of 11.88%. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the business posted $0.39 earnings per share. NOV’s revenue for the quarter was up 5.9% on a year-over-year basis. Analysts predict that NOV will post 1.63 EPS for the current year.

Institutional Trading of NOV

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rise Advisors LLC purchased a new position in shares of NOV during the 1st quarter valued at $26,000. Rothschild Investment LLC bought a new position in NOV in the 2nd quarter worth about $28,000. Riverview Trust Co purchased a new position in NOV during the 1st quarter valued at about $39,000. SYSTM Wealth Solutions LLC bought a new stake in shares of NOV during the first quarter valued at about $78,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in NOV in the 2nd quarter worth approximately $78,000. 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.