Royal Bank of Canada Forecasts Strong Price Appreciation for NOV (NYSE:NOV) Stock

NOV (NYSE:NOV) had its price target upped by stock analysts at Royal Bank of Canada from $21.00 to $22.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the oil and gas exploration company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 40.85% from the company’s previous close.

Several other equities research analysts have also recently commented on NOV. Piper Sandler started coverage on NOV in a research note on Thursday, December 19th. They issued a “neutral” rating and a $17.00 target price on the stock. Atb Cap Markets cut NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. TD Cowen dropped their price objective on NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Evercore ISI reiterated an “in-line” rating and set a $18.00 price objective (down previously from $25.00) on shares of NOV in a research note on Wednesday, January 15th. Finally, Citigroup cut NOV from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $21.00 to $18.00 in a research note on Monday, November 11th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, NOV presently has a consensus rating of “Hold” and an average price target of $19.47.

NOV Trading Up 0.9 %

NYSE:NOV opened at $15.62 on Thursday. The stock has a market capitalization of $6.08 billion, a PE ratio of 5.76, a price-to-earnings-growth ratio of 0.93 and a beta of 1.64. The business’s 50-day simple moving average is $14.91 and its 200-day simple moving average is $16.13. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65. NOV has a fifty-two week low of $13.94 and a fifty-two week high of $21.20.

NOV (NYSE:NOV) last released its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 10.82% and a net margin of 12.05%. Sell-side analysts expect that NOV will post 1.53 earnings per share for the current fiscal year.

Insider Buying and Selling at NOV

In other NOV news, Director David D. Harrison sold 1,784 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total value of $28,722.40. Following the transaction, the director now directly owns 110,951 shares of the company’s stock, valued at $1,786,311.10. This represents a 1.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.85% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in NOV in the 3rd quarter valued at $36,000. UMB Bank n.a. grew its holdings in shares of NOV by 222.3% during the 4th quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock worth $34,000 after purchasing an additional 1,612 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of NOV during the 4th quarter worth $42,000. International Assets Investment Management LLC grew its holdings 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 purchasing an additional 2,735 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of NOV during the 3rd quarter worth $48,000. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Company Profile

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.