NOV Inc. [NOV] Is Currently -1.94 below its 200 Period Moving Avg: What Does This Mean?

NOV Inc. [NYSE: NOV] loss -1.94% or -0.4 points to close at $20.25 with a heavy trading volume of 3528466 shares. The company report on December 2, 2022 that NOV Announces Fourth Quarter and Full Year 2022 Earnings Conference Call.


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NOV Inc. (NYSE: NOV) will hold a conference call to discuss its fourth quarter and full year 2022 results on Tuesday, February 7, 2023, at 10 a.m. (Central Time). NOV will issue a press release with the Company’s results after the market closes for trading on Monday, February 6, 2023. The call will be webcast live on www.nov.com/investors.

It opened the trading session at $20.64, the shares rose to $20.83 and dropped to $20.21, the range by which the price of stock traded the whole day. The daily chart for NOV points out that the company has recorded 14.02% gains over the past six months. However, it is still -62.52% lower than its most recent low trading price.

If we look at the average trading volume of 3.37M shares, NOV reached to a volume of 3528466 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about 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 $25.10 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 2.20. 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.

Raymond James have made an estimate for NOV Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on December 09, 2022. While these analysts kept the previous recommendation, Wells Fargo raised their target price from $16 to $25. The new note on the price target was released on November 07, 2022, representing the official price target for NOV Inc. stock. Previously, the target price had yet another raise to $25, while Citigroup analysts kept a Buy rating on NOV stock.

The Average True Range (ATR) for NOV Inc. is set at 0.86, with the Price to Sales ratio for NOV stock in the period of the last 12 months amounting to 1.26. The Price to Book ratio for the last quarter was 1.63, with the Price to Cash per share for the same quarter was set at 2.41.

Trading performance analysis for NOV stock

NOV Inc. [NOV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.39. With this latest performance, NOV shares dropped by -12.72% in over the last four-week period, additionally plugging by 14.02% over the last 6 months – not to mention a rise of 51.46% 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 42.26, with the RSI for the last a single of trading hit 39.64, and the three-weeks RSI is set at 45.43 for NOV Inc. [NOV]. The present Moving Average for the last 50 days of trading for this stock 21.28, while it was recorded at 20.09 for the last single week of trading, and 18.87 for the last 200 days.

NOV Inc. [NOV]: A deeper dive into fundamental analysis

NOV Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.50 and a Current Ratio set at 2.30.

An analysis of insider ownership at NOV Inc. [NOV]

There are presently around $7,545 million, or 96.60% of NOV stock, in the hands of institutional investors. The top three institutional holders of NOV stocks are: VANGUARD GROUP INC with ownership of 38,925,240, which is approximately 0.905% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 36,290,714 shares of the stock with an approximate value of $734.89 million in NOV stocks shares; and FIRST EAGLE INVESTMENT MANAGEMENT, LLC, currently with $731.03 million in NOV stock with ownership of nearly 6.369% of the company’s market capitalization.

154 institutional holders increased their position in NOV Inc. [NYSE:NOV] by around 19,912,197 shares. Additionally, 167 investors decreased positions by around 32,688,055 shares, while 71 investors held positions by with 320,011,704 shares. The mentioned changes placed institutional holdings at 372,611,956 shares, according to the latest SEC report filing. NOV stock had 41 new institutional investments in for a total of 2,154,295 shares, while 47 institutional investors sold positions of 17,853,552 shares during the same period.

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