Raymond James Raises NOV (NYSE:NOV) Price Target to $19.00

NOV (NYSE:NOV) had its target price increased by Raymond James from $18.00 to $19.00 in a report released on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the oil and gas exploration company’s stock. Raymond James’ price target points to a potential upside of 21.76% from the stock’s previous close.

A number of other equities analysts have also issued reports on NOV. Atb Cap Markets lowered shares of NOV from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. ATB Capital reiterated a “sector perform” rating and issued a $19.00 target price on shares of NOV in a research report on Tuesday, December 10th. Evercore ISI reiterated an “in-line” rating and issued a $18.00 target price (down previously from $25.00) on shares of NOV in a research report on Wednesday, January 15th. Bank of America decreased their target price on shares of NOV from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Finally, Citigroup downgraded shares of NOV from a “buy” rating to a “neutral” rating and cut their price target for the company from $21.00 to $18.00 in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $19.47.

NOV Stock Performance

Shares of NOV stock traded down $0.83 during trading on Thursday, hitting $15.61. 3,319,717 shares of the stock were exchanged, compared to its average volume of 3,675,842. The stock’s fifty day moving average is $14.93 and its 200 day moving average is $16.16. The stock has a market cap of $6.07 billion, a PE ratio of 5.76, a P/E/G ratio of 0.93 and a beta of 1.64. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. NOV has a 12 month low of $13.94 and a 12 month high of $21.20.

NOV (NYSE:NOV) last released its quarterly earnings results 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 net margin of 12.05% and a return on equity of 10.82%. As a group, sell-side analysts anticipate that NOV will post 1.53 EPS for the current year.

Insider Activity

In other news, Director David D. Harrison sold 1,784 shares of the company’s stock in a transaction dated 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 owns 110,951 shares in the company, valued at $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 is available at this link. 1.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NOV

A number of hedge funds have recently added to or reduced their stakes in NOV. Pacer Advisors Inc. boosted its position in shares of NOV by 12,344.0% in the fourth quarter. Pacer Advisors Inc. now owns 12,309,433 shares of the oil and gas exploration company’s stock valued at $179,718,000 after acquiring an additional 12,210,514 shares during the period. Pzena Investment Management LLC boosted its position in shares of NOV by 22.3% in the third quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company’s stock valued at $687,143,000 after acquiring an additional 7,851,220 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position in shares of NOV by 23.1% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 37,153,173 shares of the oil and gas exploration company’s stock valued at $593,336,000 after acquiring an additional 6,963,660 shares during the period. Weiss Asset Management LP bought a new stake in shares of NOV in the third quarter valued at approximately $35,709,000. Finally, Greenhaven Associates Inc. boosted its position in shares of 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 valued at $48,049,000 after acquiring an additional 1,255,666 shares during the period. Institutional investors and hedge funds 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.