Wells Fargo & Company Downgrades NOV (NYSE:NOV) to Underweight

NOV (NYSE:NOV) was downgraded by investment analysts at Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a report issued on Wednesday, Marketbeat reports. They currently have a $16.00 price objective on the oil and gas exploration company’s stock, down from their previous price objective of $20.00. Wells Fargo & Company‘s price objective indicates a potential upside of 0.95% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Piper Sandler reduced their target price on NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. TD Cowen increased their price objective on NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Royal Bank of Canada reissued a “sector perform” rating and set a $24.00 price objective on shares of NOV in a research report on Monday, July 29th. Bank of America reduced their target price on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Finally, Morgan Stanley lowered their price target on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, NOV currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

NOV Stock Performance

NYSE:NOV opened at $15.85 on Wednesday. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. The firm’s fifty day simple moving average is $17.62 and its 200 day simple moving average is $18.34. The stock has a market cap of $6.27 billion, a P/E ratio of 6.37, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67. NOV has a twelve month low of $15.47 and a twelve month high of $21.71.

NOV (NYSE:NOV) last announced its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the previous year, the firm posted $0.39 EPS. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, research analysts predict that NOV will post 1.63 EPS for the current year.

Institutional Investors Weigh In On NOV

Institutional investors and hedge funds have recently made changes to their positions in the company. Rise Advisors LLC purchased a new stake in NOV during the 1st quarter valued at $26,000. Rothschild Investment LLC purchased a new stake in shares of NOV during the second quarter valued at $28,000. Riverview Trust Co bought a new stake in NOV in the 1st quarter worth about $39,000. SYSTM Wealth Solutions LLC purchased a new position in NOV in the 1st quarter worth about $78,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in NOV during the 2nd quarter valued at about $78,000. Institutional investors own 93.27% of the company’s stock.

NOV Company Profile

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.