NOV (NYSE:NOV) Given New $22.00 Price Target at Susquehanna

NOV (NYSE:NOV) had its price target raised by investment analysts at Susquehanna from $21.00 to $22.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “positive” rating on the oil and gas exploration company’s stock. Susquehanna’s target price indicates a potential upside of 14.26% from the stock’s previous close.

A number of other research analysts have also commented on the company. BMO Capital Markets increased their price objective on NOV from $19.00 to $20.00 and gave the company a “market perform” rating in a report on Monday, February 9th. The Goldman Sachs Group increased their price objective on NOV from $17.00 to $20.00 and gave the company a “sell” rating in a report on Wednesday, March 4th. Morgan Stanley set a $16.00 price objective on NOV in a report on Monday, December 15th. Piper Sandler increased their price objective on NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of NOV in a report on Friday, March 27th. Five research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $18.64.

NOV Stock Up 2.3%

NOV stock traded up $0.42 during mid-day trading on Tuesday, hitting $19.25. The stock had a trading volume of 417,594 shares, compared to its average volume of 4,892,078. The company has a current ratio of 2.42, a quick ratio of 1.67 and a debt-to-equity ratio of 0.27. NOV has a 1-year low of $10.84 and a 1-year high of $20.85. The company has a fifty day moving average of $19.14 and a 200 day moving average of $16.61. The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of 50.80 and a beta of 0.94.

NOV (NYSE:NOV) last issued its earnings results on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.23). NOV had a return on equity of 3.57% and a net margin of 1.66%.The firm had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, equities analysts expect that NOV will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Joseph W. Rovig sold 151,086 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.17, for a total transaction of $3,047,404.62. Following the completion of the transaction, the insider directly owned 269,694 shares in the company, valued at $5,439,727.98. The trade was a 35.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Craig L. Weinstock sold 70,000 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.08, for a total value of $1,405,600.00. Following the transaction, the vice president owned 256,319 shares of the company’s stock, valued at approximately $5,146,885.52. This trade represents a 21.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.08% of the stock is owned by insiders.

Institutional Trading of NOV

A number of hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its holdings in NOV by 9.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 7,384 shares of the oil and gas exploration company’s stock valued at $115,000 after purchasing an additional 611 shares during the period. Arizona State Retirement System boosted its holdings in NOV by 0.6% in the 3rd quarter. Arizona State Retirement System now owns 111,185 shares of the oil and gas exploration company’s stock valued at $1,473,000 after purchasing an additional 678 shares during the period. Allworth Financial LP boosted its holdings in NOV by 37.9% in the 4th quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company’s stock valued at $40,000 after purchasing an additional 709 shares during the period. Public Employees Retirement System of Ohio lifted its position in shares of NOV by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 116,720 shares of the oil and gas exploration company’s stock worth $1,547,000 after acquiring an additional 724 shares during the period. Finally, Quadrant Capital Group LLC lifted its position in shares of NOV by 2.6% in the 3rd quarter. Quadrant Capital Group LLC now owns 29,023 shares of the oil and gas exploration company’s stock worth $385,000 after acquiring an additional 743 shares during the period. 93.27% of the stock is owned by institutional investors.

NOV Company Profile

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.