Piper Sandler Initiates Coverage on NOV (NYSE:NOV)

Analysts at Piper Sandler initiated coverage on shares of NOV (NYSE:NOV - Get Free Report) in a research note issued on Thursday, Marketbeat Ratings reports. The firm set a "neutral" rating and a $17.00 price target on the oil and gas exploration company's stock. Piper Sandler's price objective would indicate a potential upside of 20.91% from the stock's current price.

Other research analysts have also issued reports about the company. BMO Capital Markets dropped their price objective on NOV from $22.00 to $20.00 and set a "market perform" rating for the company in a research note on Thursday, October 10th. Atb Cap Markets lowered NOV from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. ATB Capital reissued a "sector perform" rating and set a $19.00 price objective on shares of NOV in a report on Tuesday, December 10th. Wells Fargo & Company lowered their price target on shares of NOV from $16.00 to $15.00 and set an "underweight" rating for the company in a report on Monday, November 4th. Finally, Stifel Nicolaus cut their price target on NOV from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Monday, October 28th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, NOV has a consensus rating of "Hold" and an average target price of $20.14.

NOV Stock Down 0.9 %

NOV stock traded down $0.13 during mid-day trading on Thursday, hitting $14.06. The company's stock had a trading volume of 4,624,242 shares, compared to its average volume of 3,740,710. The company has a market cap of $5.47 billion, a PE ratio of 5.19, a price-to-earnings-growth ratio of 0.87 and a beta of 1.66. The firm's 50 day moving average is $15.70 and its 200 day moving average is $17.00. NOV has a 52-week low of $14.02 and a 52-week high of $21.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65.

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 completion of the sale, the director now owns 110,951 shares in the company, valued at $1,786,311.10. The trade was a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NOV. Deprince Race & Zollo Inc. grew its holdings in NOV by 1,194.1% during the second quarter. Deprince Race & Zollo Inc. now owns 1,706,017 shares of the oil and gas exploration company's stock worth $32,431,000 after acquiring an additional 1,574,188 shares during the period. WINTON GROUP Ltd increased its stake in NOV by 1,866.3% in the second quarter. WINTON GROUP Ltd now owns 841,078 shares of the oil and gas exploration company's stock valued at $15,989,000 after purchasing an additional 798,303 shares in the last quarter. International Assets Investment Management LLC lifted its position in 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 buying an additional 2,735 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of 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 worth $7,000,000 after buying an additional 367,308 shares in the last quarter. Finally, Weiss Asset Management LP bought a new position in NOV during the 3rd quarter worth approximately $35,709,000. 93.27% of the stock is currently 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.