NOV (NYSE:NOV) Given New $20.00 Price Target at Barclays

NOV (NYSE:NOV) had its target price cut by equities researchers at Barclays from $21.00 to $20.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the oil and gas exploration company’s stock. Barclays‘s target price would suggest a potential upside of 3.43% from the stock’s current price.

Several other brokerages also recently issued reports on NOV. Morgan Stanley set a $21.00 price target on shares of NOV in a research report on Wednesday, July 15th. Evercore raised shares of NOV to a “hold” rating in a research note on Wednesday, April 29th. Susquehanna upped their price objective on NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a report on Thursday. Stifel Nicolaus lifted their target price on NOV from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Finally, Capital One Financial upgraded NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 target price for the company in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $21.31.

NOV Stock Performance

Shares of NYSE NOV opened at $19.34 on Friday. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 74.37 and a beta of 0.91. The company has a current ratio of 2.42, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27. The business has a fifty day simple moving average of $19.63 and a 200 day simple moving average of $19.42. NOV has a one year low of $11.77 and a one year high of $21.55.

NOV (NYSE:NOV) last released its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.14. NOV had a return on equity of 3.44% and a net margin of 1.10%.The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same period in the previous year, the business earned $0.29 earnings per share. The company’s quarterly revenue was down 2.5% on a year-over-year basis. Sell-side analysts expect that NOV will post 0.9 EPS for the current year.

Hedge Funds Weigh In On NOV

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its stake in NOV by 15.6% in the first quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company’s stock valued at $756,000 after purchasing an additional 6,711 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in NOV by 35.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company’s stock worth $2,465,000 after purchasing an additional 42,462 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of NOV by 17.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,062,292 shares of the oil and gas exploration company’s stock valued at $16,168,000 after buying an additional 157,385 shares during the period. Focus Partners Wealth acquired a new stake in shares of NOV during the first quarter worth $214,000. Finally, Cetera Investment Advisers bought a new position in NOV during the 2nd quarter worth about $190,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

About NOV

National Oilwell Varco (NYSE: NOV) is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV’s business is organized to serve upstream energy companies around the world.