Wells Fargo & Company Issues Pessimistic Forecast for NOV (NYSE:NOV) Stock Price

NOV (NYSE:NOV) had its target price reduced by stock analysts at Wells Fargo & Company from $16.00 to $15.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “underweight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 2.53% from the company’s previous close.

Several other research firms have also recently commented on NOV. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $24.00 target price on shares of NOV in a research note on Monday, July 29th. TD Cowen reduced their price objective on shares of NOV from $28.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, October 28th. JPMorgan Chase & Co. dropped their target price on shares of NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, October 3rd. Evercore ISI upgraded shares of NOV to a “strong-buy” rating in a report on Friday, July 26th. Finally, Susquehanna dropped their price objective on shares of NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a report on Monday, October 28th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $21.86.

NOV Price Performance

NOV stock opened at $15.39 on Monday. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 5.68, a PEG ratio of 0.87 and a beta of 1.66. The company’s fifty day simple moving average is $16.21 and its 200 day simple moving average is $17.66. NOV has a 12-month low of $14.98 and a 12-month high of $21.23.

Institutional Investors Weigh In On NOV

Institutional investors have recently bought and sold shares of the stock. Rothschild Investment LLC purchased a new position in NOV during the 2nd quarter worth $28,000. American National Bank & Trust bought a new stake in NOV in the 3rd quarter worth about $39,000. International Assets Investment Management LLC lifted its position in shares of NOV by 1,590.1% during 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 in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of NOV in the 2nd quarter worth approximately $78,000. Finally, Signaturefd LLC increased its position in shares of NOV by 67.6% during the second 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. 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.