ATB Capital Reiterates “Sector Perform” Rating for NOV (NYSE:NOV)

NOV (NYSE:NOV)‘s stock had its “sector perform” rating reissued by stock analysts at ATB Capital in a note issued to investors on Tuesday,Benzinga reports. They currently have a $19.00 target price on the oil and gas exploration company’s stock. ATB Capital’s price objective suggests a potential upside of 24.67% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. TD Cowen reduced their target price on NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. BMO Capital Markets reduced their price target on NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research report on Thursday, October 10th. Citigroup downgraded shares of NOV from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $21.00 to $18.00 in a research note on Monday, November 11th. Bank of America decreased their target price on shares of NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Finally, Stifel Nicolaus reduced their price objective on shares of NOV from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, October 28th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, NOV has a consensus rating of “Hold” and an average price target of $20.64.

NOV Price Performance

NOV traded up $0.09 during trading on Tuesday, reaching $15.24. The stock had a trading volume of 866,698 shares, compared to its average volume of 3,690,732. The stock has a market cap of $5.93 billion, a PE ratio of 5.62, a PEG ratio of 0.87 and a beta of 1.66. 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 one year low of $14.94 and a one year high of $21.23. The business has a 50-day moving average of $15.93 and a 200-day moving average of $17.18.

Insider Transactions at NOV

In related news, Director David D. Harrison sold 1,784 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the completion of the sale, the director now directly owns 110,951 shares of the company’s stock, valued at approximately $1,786,311.10. This represents a 1.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.85% of the company’s stock.

Institutional Investors Weigh In On NOV

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOV. CWM LLC increased its holdings in NOV by 83.0% in the 2nd quarter. CWM LLC now owns 19,657 shares of the oil and gas exploration company’s stock worth $374,000 after acquiring an additional 8,914 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in NOV by 70.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 17,631 shares of the oil and gas exploration company’s stock worth $335,000 after acquiring an additional 7,303 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in NOV by 7.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 18,960 shares of the oil and gas exploration company’s stock valued at $360,000 after buying an additional 1,261 shares in the last quarter. Stanley Laman Group Ltd. purchased a new stake in NOV during the 2nd quarter valued at approximately $4,031,000. Finally, TCW Group Inc. grew its holdings in NOV by 59.6% during the 2nd quarter. TCW Group Inc. now owns 112,201 shares of the oil and gas exploration company’s stock valued at $2,133,000 after buying an additional 41,890 shares in the last quarter. 93.27% of the stock is 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.