Citigroup Cuts NOV (NYSE:NOV) Price Target to $21.00

NOV (NYSE:NOV) had its price target lowered by equities research analysts at Citigroup from $22.00 to $21.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup’s price target would indicate a potential upside of 12.09% from the company’s current price.

NOV has been the subject of several other research reports. Morgan Stanley set a $21.00 target price on shares of NOV in a report on Wednesday, July 15th. Capital One Financial raised NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 target price for the company in a report on Thursday, June 4th. The Goldman Sachs Group set a $19.00 price objective on NOV in a research report on Wednesday, June 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a research note on Monday, September 21st. Finally, Susquehanna raised their price objective on shares of NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a report on Thursday, July 30th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, NOV currently has an average rating of “Hold” and an average target price of $21.23.

NOV Stock Down 1.3%

NOV stock traded down $0.24 during mid-day trading on Wednesday, reaching $18.73. 2,032,954 shares of the company traded hands, compared to its average volume of 4,284,803. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The firm’s 50 day moving average price is $20.47 and its 200 day moving average price is $19.90. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 71.98 and a beta of 0.94. NOV has a fifty-two week low of $12.28 and a fifty-two week high of $21.93.

NOV (NYSE:NOV) last issued its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.17 by $0.14. The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.08 billion. NOV had a return on equity of 3.44% and a net margin of 1.10%.The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.29 earnings per share. As a group, equities research analysts predict that NOV will post 0.99 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David Harrison sold 9,594 shares of NOV stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the completion of the transaction, the director directly owned 126,763 shares in the company, valued at approximately $2,435,117.23. The trade was a 7.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.15% of the company’s stock.

Hedge Funds Weigh In On NOV

Several hedge funds have recently made changes to their positions in the stock. QRG Capital Management Inc. purchased a new stake in NOV during the 2nd quarter worth about $186,000. Tidal Investments LLC grew its position in shares of NOV by 41.5% during the 2nd quarter. Tidal Investments LLC now owns 103,242 shares of the oil and gas exploration company’s stock valued at $1,915,000 after purchasing an additional 30,301 shares in the last quarter. WINTON GROUP Ltd bought a new position in shares of NOV in the second quarter worth $1,214,000. Integrated Wealth Concepts LLC raised its position in shares of NOV by 12.8% in the second quarter. Integrated Wealth Concepts LLC now owns 14,838 shares of the oil and gas exploration company’s stock worth $275,000 after buying an additional 1,683 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in NOV by 198.6% during 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 buying an additional 1,130 shares during the period. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

About NOV

NOV Inc is a global provider of equipment, technologies and services used in the oil and gas industry and related energy markets. The company supplies products for drilling, well construction, completion, production and maintenance activities across the energy value chain.

NOV’s offerings include land and offshore drilling rigs, rig equipment, hoisting systems, top drives, mud pumps, drill bits, downhole tools, wellbore technologies, completion equipment and production systems. Its technologies are used by exploration and production companies, drilling contractors and oilfield service providers in onshore and offshore operations.

The company serves customers in major energy-producing regions around the world, including North America, South America, Europe, the Middle East, Africa and Asia-Pacific.