TD Cowen Forecasts Strong Price Appreciation for NOV (NYSE:NOV) Stock

NOV (NYSE:NOV) had its target price hoisted by TD Cowen from $19.00 to $22.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas exploration company’s stock. TD Cowen’s target price would indicate a potential upside of 25.42% from the company’s previous close.

Several other equities analysts have also recently issued reports on NOV. Zacks Research raised shares of NOV from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Susquehanna lifted their price target on shares of NOV from $17.00 to $20.00 and gave the stock a “positive” rating in a research report on Wednesday. Morgan Stanley set a $16.00 price objective on NOV in a research report on Monday, December 15th. Cowen reissued a “buy” rating on shares of NOV in a research note on Wednesday. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $17.00 target price on shares of NOV in a research report on Tuesday, October 28th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, NOV has an average rating of “Hold” and a consensus price target of $16.54.

NOV Stock Up 4.2%

NOV opened at $17.54 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.71 and a current ratio of 2.55. The company has a market capitalization of $6.40 billion, a PE ratio of 17.54, a P/E/G ratio of 4.49 and a beta of 0.95. The stock’s fifty day moving average is $15.69 and its 200-day moving average is $13.98. NOV has a one year low of $10.84 and a one year high of $17.80.

NOV (NYSE:NOV) last announced its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.13). NOV had a net margin of 4.36% and a return on equity of 5.89%. During the same period in the prior year, the firm posted $0.33 EPS. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. On average, equities analysts predict that NOV will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling at NOV

In other NOV news, Director Christian S. Kendall bought 70,000 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were bought at an average price of $14.46 per share, for a total transaction of $1,012,200.00. Following the acquisition, the director directly owned 85,949 shares of the company’s stock, valued at approximately $1,242,822.54. This trade represents a 438.90% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CoreFirst Bank & Trust acquired a new position in NOV in the 2nd quarter valued at approximately $35,000. UMB Bank n.a. increased its stake in shares of NOV by 114.1% in the third quarter. UMB Bank n.a. now owns 3,109 shares of the oil and gas exploration company’s stock worth $41,000 after acquiring an additional 1,657 shares during the last quarter. Hantz Financial Services Inc. raised its holdings in shares of NOV by 395.3% during the second quarter. Hantz Financial Services Inc. now owns 3,660 shares of the oil and gas exploration company’s stock worth $45,000 after acquiring an additional 2,921 shares in the last quarter. Signaturefd LLC boosted its position in NOV by 33.2% during the second quarter. Signaturefd LLC now owns 3,733 shares of the oil and gas exploration company’s stock valued at $46,000 after purchasing an additional 931 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in NOV by 123.8% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,379 shares of the oil and gas exploration company’s stock valued at $67,000 after purchasing an additional 2,975 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

About NOV

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.