NOV (NYSE:NOV) Lifted to “Market Perform” at BMO Capital Markets

BMO Capital Markets upgraded shares of NOV (NYSE:NOV) from an underperform rating to a market perform rating in a report issued on Monday, Analyst Price Targets reports. BMO Capital Markets currently has $15.00 target price on the oil and gas exploration company’s stock, up from their prior target price of $14.00.

A number of other equities research analysts also recently commented on the company. COKER & PALMER downgraded NOV from a sector perform rating to an underperform rating in a research report on Tuesday, May 4th. The Goldman Sachs Group began coverage on NOV in a research report on Thursday, May 13th. They set a neutral rating and a $18.00 price objective for the company. Barclays upgraded NOV from an equal weight rating to an outperform rating and increased their price objective for the company from $12.00 to $18.00 in a research report on Monday, May 3rd. Morgan Stanley upgraded NOV from an underweight rating to an equal weight rating and increased their price objective for the company from $13.00 to $18.00 in a research report on Friday, July 9th. Finally, Bank of America upgraded NOV from a neutral rating to a buy rating in a research report on Friday, July 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. NOV currently has an average rating of Hold and an average price target of $16.29.

Shares of NYSE NOV opened at $14.02 on Monday. The firm’s fifty day moving average price is $15.90. The company has a current ratio of 2.58, a quick ratio of 1.88 and a debt-to-equity ratio of 0.32. The company has a market cap of $5.48 billion, a price-to-earnings ratio of -8.87 and a beta of 2.30. NOV has a 1 year low of $7.70 and a 1 year high of $18.02.

NOV (NYSE:NOV) last issued its quarterly earnings results on Tuesday, April 27th. The oil and gas exploration company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.05). The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.27 billion. NOV had a negative net margin of 11.18% and a negative return on equity of 5.60%. The business’s revenue for the quarter was down 33.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($5.34) earnings per share. On average, analysts predict that NOV will post -0.47 EPS for the current year.

Several large investors have recently made changes to their positions in NOV. Berman Capital Advisors LLC raised its holdings in shares of NOV by 108.6% during the fourth quarter. Berman Capital Advisors LLC now owns 2,380 shares of the oil and gas exploration company’s stock worth $32,000 after acquiring an additional 1,239 shares in the last quarter. Sentry Investment Management LLC purchased a new stake in shares of NOV during the first quarter worth $34,000. Quadrant Capital Group LLC purchased a new stake in shares of NOV during the first quarter worth $36,000. Robeco Institutional Asset Management B.V. purchased a new stake in shares of NOV during the first quarter worth $43,000. Finally, Rockefeller Capital Management L.P. raised its holdings in shares of NOV by 229.1% during the first quarter. Rockefeller Capital Management L.P. now owns 3,159 shares of the oil and gas exploration company’s stock worth $43,000 after acquiring an additional 2,199 shares in the last quarter. Institutional investors and hedge funds own 91.15% of the company’s stock.

NOV Company Profile

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for use in oil and gas drilling and production, and industrial and renewable energy sectors worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

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Analyst Recommendations for NOV (NYSE:NOV)

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