Citigroup Issues Pessimistic Forecast for NOV (NYSE:NOV) Stock Price

by · The Markets Daily

NOV (NYSE:NOV – Get Free Report) had its target price dropped by equities researchers at Citigroup from $21.00 to $20.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup‘s target price would indicate a potential upside of 13.64% from the company’s current price.

A number of other equities analysts also recently commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of NOV in a report on Monday, September 21st. Zacks Research cut NOV from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 26th. TD Cowen boosted their target price on NOV from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Morgan Stanley set a $21.00 price target on shares of NOV in a report on Wednesday, July 15th. Finally, Susquehanna lifted their price target on shares of NOV from $22.00 to $24.00 and gave the company a “positive” rating in a research report on Thursday, July 30th. Four analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $21.58.

Get Our Latest Stock Analysis on NOV

NOV Trading Up 1.2%

Shares of NYSE NOV traded up $0.21 during trading on Thursday, hitting $17.60. 3,563,122 shares of the company traded hands, compared to its average volume of 3,933,666. NOV has a 1 year low of $14.30 and a 1 year high of $21.93. The company has a 50-day moving average price of $19.70 and a 200-day moving average price of $19.65. The firm has a market capitalization of $6.27 billion, a P/E ratio of 44.00 and a beta of 0.96. The company has a quick ratio of 1.66, a current ratio of 2.51 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV – Get Free Report) last issued its earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.25 earnings per share for the quarter, hitting the consensus estimate of $0.25. NOV had a return on equity of 4.23% and a net margin of 1.65%. The business had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same period last year, the company posted $0.11 EPS. The business’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities analysts predict that NOV will post 1.01 EPS for the current year.

Institutional Trading of NOV

Several large investors have recently bought and sold shares of NOV. Parkside Financial Bank & Trust raised its stake in shares of NOV by 133.6% during the second quarter. Parkside Financial Bank & Trust now owns 1,411 shares of the oil and gas exploration company’s stock valued at $26,000 after purchasing an additional 807 shares during the period. Reyes Financial Architecture Inc. purchased a new position in shares of NOV in the third quarter valued at $31,000. IFP Advisors Inc boosted its stake in shares of NOV by 198.6% in the second quarter. IFP Advisors Inc now owns 1,699 shares of the oil and gas exploration company’s stock valued at $32,000 after purchasing an additional 1,130 shares during the period. Root Financial Partners LLC boosted its stake in shares of NOV by 39.9% in the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock valued at $36,000 after purchasing an additional 552 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in NOV during the 2nd quarter valued at $37,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Company Profile

(Get Free Report)

NOV Inc (NYSE: NOV) is a Houston-based technology and equipment provider serving the global energy industry. The company develops and manufactures products and systems used in oil and natural gas drilling, well construction, completion and production operations.

Its offerings include land and offshore drilling rigs, rig equipment and components, downhole tools, drill pipe, wellbore technologies, pressure-control systems, and equipment used to enhance production. NOV also provides aftermarket parts, technical support, maintenance and other services designed to help energy companies operate and maintain their equipment.

The company was formed in 2005 through the merger of National Oilwell and Varco International, building on businesses with much longer histories in the oilfield equipment industry.

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