NOV (NYSE:NOV) Given New $22.00 Price Target at Royal Bank of Canada

NOV (NYSE:NOV) had its price target upped by equities research analysts at Royal Bank of Canada from $21.00 to $22.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the oil and gas exploration company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 40.85% from the company’s previous close.

Several other analysts also recently weighed in on the company. Susquehanna dropped their price objective on NOV from $22.00 to $21.00 and set a “positive” rating for the company in a research report on Monday, October 28th. Citigroup downgraded NOV from a “buy” rating to a “neutral” rating and dropped their target price for the company from $21.00 to $18.00 in a research report on Monday, November 11th. Atb Cap Markets downgraded NOV from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Piper Sandler started coverage on NOV in a research report on Thursday, December 19th. They issued a “neutral” rating and a $17.00 target price for the company. Finally, 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. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $19.47.

NOV Price Performance

Shares of NOV stock opened at $15.62 on Thursday. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26. NOV has a twelve month low of $13.94 and a twelve month high of $21.20. The company has a market cap of $6.08 billion, a P/E ratio of 5.76, a P/E/G ratio of 0.93 and a beta of 1.64. The business has a fifty day simple moving average of $14.91 and a 200 day simple moving average of $16.13.

NOV (NYSE:NOV) last announced its quarterly earnings data on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 10.82% and a net margin of 12.05%. On average, sell-side analysts forecast that NOV will post 1.53 EPS for the current fiscal year.

Insider Buying and Selling

In other NOV news, Director David D. Harrison sold 1,784 shares of the stock in a transaction 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 sale, the director now directly owns 110,951 shares in the company, valued at approximately $1,786,311.10. This trade represents a 1.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.85% of the stock is currently owned by company insiders.

Institutional Trading of NOV

Several institutional investors have recently added to or reduced their stakes in the business. First Pacific Advisors LP purchased a new stake in NOV during the 4th quarter valued at $39,495,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of NOV by 7.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 90,834 shares of the oil and gas exploration company’s stock valued at $1,326,000 after buying an additional 6,448 shares during the period. AlphaQuest LLC lifted its holdings in shares of NOV by 199.8% during the 4th quarter. AlphaQuest LLC now owns 17,946 shares of the oil and gas exploration company’s stock valued at $262,000 after buying an additional 11,960 shares during the period. Amundi lifted its holdings in shares of NOV by 313.1% during the 4th quarter. Amundi now owns 311,071 shares of the oil and gas exploration company’s stock valued at $4,548,000 after buying an additional 235,771 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of NOV during the 4th quarter valued at $42,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

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.