BofA Securities slashes price target on NOV Inc. [NOV] – find out why.


NOV Inc. [NYSE: NOV] price surged by 0.28 percent to reach at $0.05. The company report on July 27, 2022 that NOV Reports Second Quarter 2022 Earnings.

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Revenue of $1.73 billion, up 12% sequentially and 22% year-over-year.

Net Income of $69 million, or $0.18 per fully diluted share.

A sum of 5118687 shares traded at recent session while its average daily volume was at 3.90M shares. NOV Inc. shares reached a high of $18.205 and dropped to a low of $17.83 until finishing in the latest session at $18.08.

The one-year NOV stock forecast points to a potential upside of 17.63. The average equity rating for NOV stock is currently 2.50, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on NOV Inc. [NOV]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NOV shares is $21.95 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NOV stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

BofA Securities have made an estimate for NOV Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on July 29, 2022. The new note on the price target was released on May 02, 2022, representing the official price target for NOV Inc. stock. Previously, the target price had yet another drop from $22 to $21, while Citigroup kept a Neutral rating on NOV stock.

The Average True Range (ATR) for NOV Inc. is set at 0.84, with the Price to Sales ratio for NOV stock in the period of the last 12 months amounting to 0.98. The Price to Book ratio for the last quarter was 1.44, with the Price to Cash per share for the same quarter was set at 3.68.

NOV Stock Performance Analysis:

NOV Inc. [NOV] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 18.71. With this latest performance, NOV shares gained by 6.98% in over the last four-week period, additionally plugging by 10.11% over the last 6 months – not to mention a rise of 32.36% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NOV stock in for the last two-week period is set at 61.85, with the RSI for the last a single of trading hit 68.94, and the three-weeks RSI is set at 57.02 for NOV Inc. [NOV]. The present Moving Average for the last 50 days of trading for this stock 17.42, while it was recorded at 17.46 for the last single week of trading, and 16.68 for the last 200 days.

Insight into NOV Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and NOV Inc. [NOV] shares currently have an operating margin of -2.26 and a Gross Margin at +14.17. NOV Inc.’s Net Margin is presently recorded at -4.52.

Return on Equity for this stock declined to -4.90, with Return on Assets sitting at -2.51.

NOV Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.60 and a Current Ratio set at 2.30.


The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NOV. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for NOV Inc. go to 41.00%.

NOV Inc. [NOV] Insider Position Details

There are presently around $6,993 million, or 99.90% of NOV stock, in the hands of institutional investors. The top three institutional holders of NOV stocks are: PZENA INVESTMENT MANAGEMENT LLC with ownership of 38,565,035, which is approximately -5.169% of the company’s market cap and around 0.70% of the total institutional ownership; VANGUARD GROUP INC, holding 38,135,711 shares of the stock with an approximate value of $689.49 million in NOV stocks shares; and BLACKROCK INC., currently with $656.73 million in NOV stock with ownership of nearly 6.534% of the company’s market capitalization.

Positions in NOV Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 175 institutional holders increased their position in NOV Inc. [NYSE:NOV] by around 50,075,032 shares. Additionally, 167 investors decreased positions by around 33,727,644 shares, while 73 investors held positions by with 302,966,019 shares. The mentioned changes placed institutional holdings at 386,768,695 shares, according to the latest SEC report filing. NOV stock had 58 new institutional investments in for a total of 10,841,259 shares, while 56 institutional investors sold positions of 8,972,047 shares during the same period.