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

NOV (NYSE:NOV) had its price objective raised by stock analysts at Piper Sandler from $17.00 to $18.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s target price would indicate a potential upside of 13.25% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Citigroup lowered shares of NOV from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $21.00 to $18.00 in a research report on Monday, November 11th. Barclays reduced their price objective on shares of NOV from $16.00 to $12.00 and set an “underweight” rating on the stock in a research report on Wednesday, December 18th. Raymond James increased their price objective on shares of NOV from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday. Stifel Nicolaus reduced their price objective on shares of NOV from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, October 28th. Finally, Evercore ISI reissued an “in-line” rating and issued a $18.00 price objective (down from $25.00) on shares of NOV in a research report on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, NOV currently has a consensus rating of “Hold” and an average price target of $19.53.

NOV Price Performance

Shares of NYSE NOV traded up $0.27 during mid-day trading on Monday, hitting $15.89. 296,740 shares of the company’s stock traded hands, compared to its average volume of 3,783,490. The company’s 50-day moving average is $14.91 and its two-hundred day moving average is $16.10. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.65. The company has a market capitalization of $6.18 billion, a P/E ratio of 9.83, a PEG ratio of 1.00 and a beta of 1.64. NOV has a 1 year low of $13.94 and a 1 year high of $21.20.

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

Insider Activity

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 directly owns 110,951 shares in the company, valued at approximately $1,786,311.10. The trade was 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 the SEC website. Company insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On NOV

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Truist Financial Corp boosted its stake in NOV by 3.4% during the second quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock worth $565,000 after buying an additional 991 shares during the last quarter. HM Payson & Co. lifted its stake in shares of NOV by 2.1% in the 3rd quarter. HM Payson & Co. now owns 49,000 shares of the oil and gas exploration company’s stock valued at $783,000 after purchasing an additional 1,000 shares during the last quarter. KBC Group NV lifted its stake in shares of NOV by 11.8% in the 3rd quarter. KBC Group NV now owns 11,060 shares of the oil and gas exploration company’s stock valued at $177,000 after purchasing an additional 1,163 shares during the last quarter. Verum Partners LLC lifted its stake in shares of NOV by 9.0% in the 4th quarter. Verum Partners LLC now owns 15,050 shares of the oil and gas exploration company’s stock valued at $220,000 after purchasing an additional 1,248 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of NOV by 222.3% in the 4th quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after purchasing an additional 1,612 shares during the last quarter. 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.