Susquehanna Cuts NOV (NYSE:NOV) Price Target to $22.00

NOV (NYSE:NOV) had its price objective decreased by equities researchers at Susquehanna from $24.00 to $22.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “positive” rating on the oil and gas exploration company’s stock. Susquehanna’s price objective indicates a potential upside of 20.15% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Citigroup increased their target price on NOV from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Thursday, June 18th. Evercore upgraded NOV to a “hold” rating in a research note on Wednesday, April 29th. Barclays reaffirmed an “underweight” rating and issued a $21.00 target price (up from $20.00) on shares of NOV in a report on Thursday, May 7th. TD Cowen upgraded NOV from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 29th. Finally, Capital One Financial upgraded shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 price objective for the company in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $20.43.

NOV Stock Up 2.9%

Shares of NOV stock opened at $18.31 on Wednesday. NOV has a one year low of $11.77 and a one year high of $21.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.47 and a quick ratio of 1.66. The stock has a fifty day moving average price of $19.93 and a 200 day moving average price of $19.01. The stock has a market cap of $6.57 billion, a P/E ratio of 76.30 and a beta of 0.91.

NOV (NYSE:NOV) last announced its quarterly earnings data on Tuesday, April 28th. The oil and gas exploration company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.12). The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.05 billion. NOV had a net margin of 1.05% and a return on equity of 3.34%. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.19 EPS. Analysts predict that NOV will post 0.9 earnings per share for the current year.

Hedge Funds Weigh In On NOV

Several hedge funds have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in NOV in the fourth quarter worth about $28,000. Root Financial Partners LLC lifted its position in NOV by 39.9% during the 1st quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock valued at $36,000 after purchasing an additional 552 shares during the period. CIBC Private Wealth Group LLC boosted its stake in shares of NOV by 659.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company’s stock valued at $36,000 after purchasing an additional 1,978 shares during the last quarter. Rothschild Investment LLC grew its position in shares of NOV by 50.1% during the 4th quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company’s stock worth $37,000 after buying an additional 780 shares during the period. Finally, Altshuler Shaham Ltd raised its stake in shares of NOV by 36.8% during the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock worth $38,000 after buying an additional 546 shares during the last quarter. Institutional investors own 93.27% of the company’s stock.

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.