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

NOV (NYSE:NOV) had its price objective reduced by analysts at Barclays from $17.00 to $16.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “underweight” rating on the oil and gas exploration company’s stock. Barclays‘s price objective indicates a potential upside of 3.19% from the stock’s previous close.

Several other equities research analysts have also weighed in on NOV. Stifel Nicolaus dropped their price objective on shares of NOV from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday. Evercore ISI upgraded NOV to a “strong-buy” rating in a research report on Friday, July 26th. TD Cowen reduced their price objective on NOV from $28.00 to $22.00 and set a “buy” rating for the company in a research report on Monday. Morgan Stanley dropped their target price on NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Finally, BMO Capital Markets reduced their price target on shares of NOV from $22.00 to $20.00 and set a “market perform” rating for the company in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.93.

NOV Stock Up 1.0 %

Shares of NYSE:NOV opened at $15.51 on Tuesday. The company’s fifty day moving average is $16.36 and its two-hundred day moving average is $17.74. 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 1-year low of $14.98 and a 1-year high of $21.23. The stock has a market capitalization of $6.10 billion, a price-to-earnings ratio of 5.72, a price-to-earnings-growth ratio of 0.91 and a beta of 1.67.

Institutional Trading of NOV

Several institutional investors and hedge funds have recently bought and sold shares of NOV. Innealta Capital LLC increased its position in shares of NOV by 49.9% in the third quarter. Innealta Capital LLC now owns 15,448 shares of the oil and gas exploration company’s stock worth $247,000 after acquiring an additional 5,140 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in NOV by 176.4% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 524,781 shares of the oil and gas exploration company’s stock worth $8,381,000 after purchasing an additional 334,925 shares in the last quarter. HM Payson & Co. raised its stake in NOV by 2.1% during 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 period. Pinnacle Associates Ltd. lifted its holdings in shares of NOV by 27.7% in the third quarter. Pinnacle Associates Ltd. now owns 12,838 shares of the oil and gas exploration company’s stock valued at $205,000 after purchasing an additional 2,788 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its position in shares of NOV by 1.3% in the third quarter. New York State Teachers Retirement System now owns 528,038 shares of the oil and gas exploration company’s stock worth $8,433,000 after buying an additional 6,554 shares during the period. 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.