Piper Sandler Forecasts Strong Price Appreciation for NOV (NYSE:NOV) Stock

NOV (NYSE:NOV - Free Report) had its target price hoisted by Piper Sandler from $17.00 to $18.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas exploration company's stock.

Several other analysts have also recently weighed in on NOV. Susquehanna lowered their price objective on shares of NOV from $22.00 to $21.00 and set a "positive" rating on the stock in a research report on Monday, October 28th. Citigroup downgraded NOV from a "buy" rating to a "neutral" rating and lowered their price target for the company from $21.00 to $18.00 in a research report on Monday, November 11th. Atb Cap Markets lowered NOV from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Evercore ISI reiterated an "in-line" rating and set a $18.00 price objective (down from $25.00) on shares of NOV in a research report on Wednesday, January 15th. Finally, Royal Bank of Canada boosted their target price on NOV from $21.00 to $22.00 and gave the stock a "sector perform" rating in a research report on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $19.53.

NOV Price Performance

NYSE:NOV traded up $0.04 during trading hours on Monday, hitting $16.03. 1,726,338 shares of the company's stock traded hands, compared to its average volume of 3,866,463. The firm has a market cap of $6.24 billion, a P/E ratio of 9.97, a P/E/G ratio of 1.00 and a beta of 1.64. The company has a quick ratio of 1.65, a current ratio of 2.46 and a debt-to-equity ratio of 0.26. The business's fifty day simple moving average is $14.91 and its two-hundred day simple moving average is $16.05. NOV has a 52 week low of $13.94 and a 52 week high of $21.20.

NOV (NYSE:NOV - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. On average, research analysts anticipate that NOV will post 1.42 earnings per share for the current fiscal year.

Insider Transactions 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 shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the completion of the transaction, the director now directly owns 110,951 shares in the company, valued at approximately $1,786,311.10. This represents a 1.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.85% of the company's stock.

Hedge Funds Weigh In On NOV

Hedge funds and other institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. boosted its position in NOV by 10.8% during the 4th quarter. Harbor Capital Advisors Inc. now owns 581,446 shares of the oil and gas exploration company's stock valued at $8,489,000 after acquiring an additional 56,665 shares in the last quarter. Barclays PLC boosted its position in shares of NOV by 120.1% during the third quarter. Barclays PLC now owns 473,545 shares of the oil and gas exploration company's stock valued at $7,561,000 after purchasing an additional 258,392 shares in the last quarter. Greenhaven Associates Inc. grew its stake in NOV by 61.7% in the fourth quarter. Greenhaven Associates Inc. now owns 3,291,042 shares of the oil and gas exploration company's stock worth $48,049,000 after purchasing an additional 1,255,666 shares during the period. International Assets Investment Management LLC raised its holdings in NOV by 1,590.1% in the third 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, Bank of Montreal Can lifted its position in NOV by 519.1% during the third quarter. Bank of Montreal Can now owns 438,068 shares of the oil and gas exploration company's stock valued at $7,000,000 after buying an additional 367,308 shares during the period. Hedge funds and other institutional investors own 93.27% of the company's stock.

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.