J.P. Morgan Downgrades NOV (NOV) to Hold

In a report released yesterday, Arun Jayaram from J.P. Morgan downgraded NOV (NOVResearch Report) to Hold, with a price target of $17.00. The company’s shares closed last Thursday at $16.35.

According to TipRanks.com, Jayaram is a 4-star analyst with an average return of 8.2% and a 53.6% success rate. Jayaram covers the Utilities sector, focusing on stocks such as Continental Resources, Antero Resources, and Pioneer Natural.

NOV has an analyst consensus of Moderate Buy, with a price target consensus of $18.39, a 14.1% upside from current levels. In a report issued on February 4, RBC Capital also maintained a Hold rating on the stock with a $17.00 price target.

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NOV’s market cap is currently $6.39B and has a P/E ratio of -25.24.

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National Oilwell Varco, Inc. provides equipment and technology to the upstream oil and gas industry. The company operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment monitors its capital equipment backlog to plan its business. The Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations, and offers services that optimize their performance. The Completion and Production Solutions segment integrates technologies for well completions and oil and gas production. The company was founded in 1841 and is headquartered in Houston, TX.

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