Citigroup Trims NOV (NYSE:NOV) Target Price to $21.00

NOV (NYSE:NOV) had its price target reduced by investment analysts at Citigroup from $24.00 to $21.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas exploration company’s stock. Citigroup’s price objective would suggest a potential upside of 26.54% from the stock’s current price.

A number of other research firms have also weighed in on NOV. TD Cowen boosted their target price on shares of NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Piper Sandler reduced their target price on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reissued a “sector perform” rating and set a $24.00 target price on shares of NOV in a report on Monday, July 29th. Bank of America reduced their target price on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Finally, Benchmark restated a “hold” rating on shares of NOV in a research report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.54.

NOV Trading Up 1.1 %

Shares of NOV stock opened at $16.60 on Thursday. The firm has a market capitalization of $6.56 billion, a PE ratio of 6.66, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. The firm’s 50 day moving average is $17.36 and its 200 day moving average is $18.26. NOV has a 1 year low of $15.47 and a 1 year high of $21.53.

NOV (NYSE:NOV) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share 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 firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the previous year, the firm posted $0.39 EPS. The company’s revenue for the quarter 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 fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Rise Advisors LLC acquired a new position in shares of NOV during the 1st quarter valued at $26,000. Rothschild Investment LLC bought a new stake in NOV during the 2nd quarter valued at $28,000. Riverview Trust Co bought a new stake in NOV during the 1st quarter valued at $39,000. American National Bank & Trust bought a new stake in NOV during the 3rd quarter valued at $39,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in NOV during the 2nd quarter valued at $78,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.