NOV (NYSE:NOV) Stock Price Expected to Rise, TD Cowen Analyst Says

NOV (NYSE:NOV) had its price objective increased by equities researchers at TD Cowen from $19.00 to $22.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas exploration company’s stock. TD Cowen’s price target would suggest a potential upside of 31.78% from the company’s current price.

Several other analysts have also issued reports on the stock. Barclays boosted their target price on shares of NOV from $13.00 to $15.00 and gave the company an “underweight” rating in a research report on Wednesday, December 17th. Susquehanna boosted their price objective on shares of NOV from $17.00 to $20.00 and gave the company a “positive” rating in a research report on Wednesday. Stifel Nicolaus raised their target price on NOV from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Citigroup boosted their price target on NOV from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, December 11th. Finally, The Goldman Sachs Group raised their price objective on NOV from $12.00 to $14.00 and gave the stock a “sell” rating in a research note on Wednesday, November 5th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $16.54.

NOV Stock Performance

Shares of NOV stock traded down $0.21 on Wednesday, reaching $16.70. The stock had a trading volume of 1,298,466 shares, compared to its average volume of 3,942,564. The stock has a market cap of $6.09 billion, a P/E ratio of 16.72, a price-to-earnings-growth ratio of 4.66 and a beta of 0.95. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.71 and a current ratio of 2.55. NOV has a 1 year low of $10.84 and a 1 year high of $17.80. The company has a 50 day simple moving average of $15.61 and a 200 day simple moving average of $13.93.

NOV (NYSE:NOV) last posted its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.13). NOV had a net margin of 4.36% and a return on equity of 5.89%. During the same period in the prior year, the company posted $0.33 earnings per share. The firm’s quarterly revenue was down .7% on a year-over-year basis. Equities research analysts expect that NOV will post 1.4 EPS for the current year.

Insider Activity at NOV

In other news, Director Christian S. Kendall bought 70,000 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were bought at an average cost of $14.46 per share, for a total transaction of $1,012,200.00. Following the completion of the transaction, the director owned 85,949 shares of the company’s stock, valued at approximately $1,242,822.54. This represents a 438.90% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.85% of the company’s stock.

Institutional Trading of NOV

Hedge funds have recently modified their holdings of the company. Pzena Investment Management LLC grew its holdings in shares of NOV by 2.8% in the second quarter. Pzena Investment Management LLC now owns 42,708,890 shares of the oil and gas exploration company’s stock valued at $530,872,000 after purchasing an additional 1,144,486 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of NOV by 0.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 18,578,053 shares of the oil and gas exploration company’s stock worth $246,159,000 after buying an additional 161,414 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of NOV by 43.6% in the 3rd quarter. American Century Companies Inc. now owns 7,596,504 shares of the oil and gas exploration company’s stock worth $100,654,000 after buying an additional 2,304,975 shares during the last quarter. First Pacific Advisors LP increased its holdings in shares of NOV by 101.0% in the 2nd quarter. First Pacific Advisors LP now owns 7,018,950 shares of the oil and gas exploration company’s stock worth $87,246,000 after buying an additional 3,526,754 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of NOV by 15.1% during the 3rd quarter. First Trust Advisors LP now owns 7,008,337 shares of the oil and gas exploration company’s stock valued at $92,860,000 after buying an additional 917,242 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Company Profile

National Oilwell Varco (NYSE: NOV) is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV’s business is organized to serve upstream energy companies around the world.