Raymond James Forecasts Strong Price Appreciation for NOV (NYSE:NOV) Stock

NOV (NYSE:NOV - Get Free Report) had its price objective boosted by equities research analysts at Raymond James from $18.00 to $19.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the oil and gas exploration company's stock. Raymond James' price target would suggest a potential upside of 19.14% from the stock's current price.

Several other research firms have also recently weighed in on NOV. Bank of America decreased their price objective on shares of NOV from $22.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, October 14th. Citigroup downgraded shares of NOV from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $21.00 to $18.00 in a research note on Monday, November 11th. BMO Capital Markets cut their price objective on shares of NOV from $22.00 to $20.00 and set a "market perform" rating for the company in a research note on Thursday, October 10th. Seaport Res Ptn downgraded shares of NOV from a "strong-buy" rating to a "hold" rating in a research note on Sunday, January 5th. Finally, Evercore ISI reiterated an "in-line" rating and issued a $18.00 price objective (down previously from $25.00) on shares of NOV in a report on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, NOV presently has an average rating of "Hold" and a consensus price target of $19.53.

NOV Stock Performance

NOV traded up $0.33 during trading hours on Thursday, hitting $15.95. The stock had a trading volume of 3,892,743 shares, compared to its average volume of 3,925,982. The company's fifty day simple moving average is $14.90 and its 200 day simple moving average is $16.08. NOV has a 1 year low of $13.94 and a 1 year high of $21.20. 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 stock has a market cap of $6.21 billion, a PE ratio of 9.91, a price-to-earnings-growth ratio of 1.00 and a beta of 1.64.

NOV (NYSE:NOV - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.06. NOV had a net margin of 7.16% and a return on equity of 9.88%. Equities analysts anticipate that NOV will post 1.42 earnings per share for the current 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 dated Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the sale, the director now owns 110,951 shares in the company, valued at approximately $1,786,311.10. This represents a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.85% of the company's stock.

Institutional Investors Weigh In On NOV

A number of institutional investors have recently modified their holdings of the stock. Quarry LP bought a new position in NOV in the 3rd quarter worth about $36,000. UMB Bank n.a. lifted its stake in shares of NOV by 222.3% in the fourth quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company's stock worth $34,000 after buying an additional 1,612 shares in the last quarter. Signaturefd LLC increased its position in shares of NOV by 41.3% during the fourth quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company's stock valued at $38,000 after acquiring an additional 756 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich purchased a new position in NOV in the 4th quarter worth approximately $42,000. Finally, International Assets Investment Management LLC boosted its stake 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 valued at $46,000 after purchasing an additional 2,735 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.