Evercore ISI Reaffirms “In-Line” Rating for NOV (NYSE:NOV)

NOV (NYSE:NOV)‘s stock had its “in-line” rating reaffirmed by stock analysts at Evercore ISI in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $18.00 price objective on the oil and gas exploration company’s stock, down from their previous price objective of $25.00. Evercore ISI’s price target indicates a potential upside of 20.81% from the stock’s previous close.

NOV has been the subject of several other reports. Wells Fargo & Company reduced their price objective on NOV from $16.00 to $15.00 and set an “underweight” rating for the company in a report on Monday, November 4th. Bank of America decreased their price objective on shares of NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Piper Sandler started coverage on shares of NOV in a report on Thursday, December 19th. They set a “neutral” rating and a $17.00 target price for the company. BMO Capital Markets reduced their price target on shares of NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a report on Thursday, October 10th. Finally, Barclays dropped their price objective on shares of NOV from $16.00 to $12.00 and set an “underweight” rating for the company in a research note on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $20.00.

NOV Trading Up 0.4 %

Shares of NOV opened at $14.90 on Wednesday. The firm’s 50-day moving average is $15.36 and its two-hundred day moving average is $16.58. NOV has a twelve month low of $13.94 and a twelve month high of $21.23. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $5.80 billion, a P/E ratio of 5.50, a PEG ratio of 0.87 and a beta of 1.66.

Insiders Place Their Bets

In related news, Director David D. Harrison sold 1,784 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total transaction of $28,722.40. Following the transaction, the director now directly owns 110,951 shares of the company’s stock, valued at approximately $1,786,311.10. The trade was a 1.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.85% of the stock is currently owned by insiders.

Institutional Trading of NOV

A number of hedge funds have recently made changes to their positions in NOV. Pzena Investment Management LLC boosted its stake in shares of NOV by 22.3% in the third quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company’s stock valued at $687,143,000 after purchasing an additional 7,851,220 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position in NOV by 23.1% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 37,153,173 shares of the oil and gas exploration company’s stock valued at $593,336,000 after buying an additional 6,963,660 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of NOV by 40.0% during the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after acquiring an additional 3,470,860 shares in the last quarter. AQR Capital Management LLC boosted its holdings in NOV by 232.6% in the second quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock valued at $92,938,000 after purchasing an additional 3,418,885 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new stake in shares of NOV during the third quarter worth approximately $35,709,000. 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.