NOV (NYSE:NOV) Downgraded by Wells Fargo & Company to Underweight

NOV (NYSE:NOV) was downgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They presently have a $16.00 price target on the oil and gas exploration company’s stock, down from their prior price target of $20.00. Wells Fargo & Company‘s price objective would indicate a potential downside of 4.53% from the company’s previous close.

Several other equities analysts have also recently commented on the company. Bank of America cut their price target on NOV from $24.00 to $22.00 and set a “buy” rating for the company in a report on Monday, July 15th. TD Cowen lifted their target price on shares of NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Benchmark restated a “hold” rating on shares of NOV in a research note on Friday, July 26th. Barclays upped their price objective on NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Tuesday, July 30th. Finally, Morgan Stanley cut their target price on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, NOV presently has an average rating of “Moderate Buy” and an average target price of $24.00.

NOV Trading Up 0.1 %

NOV stock opened at $16.76 on Wednesday. The business’s 50-day simple moving average is $17.75 and its 200-day simple moving average is $18.37. NOV has a 52 week low of $15.47 and a 52 week high of $21.71. The firm has a market capitalization of $6.60 billion, a PE ratio of 6.73, a PEG ratio of 0.50 and a beta of 1.67. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61.

NOV (NYSE:NOV) last announced its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the previous year, the firm posted $0.39 earnings per share. NOV’s revenue was up 5.9% compared to the same quarter last year. Equities research analysts forecast that NOV will post 1.63 earnings per share for the current year.

Institutional Trading of NOV

A number of institutional investors and hedge funds have recently modified their holdings of NOV. Pzena Investment Management LLC raised its holdings in NOV by 0.3% in the second quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock worth $668,694,000 after purchasing an additional 103,238 shares during the period. Dimensional Fund Advisors LP raised its position 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 worth $230,743,000 after purchasing an additional 3,470,860 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of NOV by 67.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock valued at $188,749,000 after purchasing an additional 3,989,095 shares in the last quarter. Balyasny Asset Management L.P. grew its position in shares of NOV by 769.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock valued at $125,048,000 after purchasing an additional 5,456,581 shares during the period. Finally, Boston Partners bought a new stake in NOV during the 1st quarter worth approximately $119,686,000. 93.27% of the stock is owned by 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.