National Oilwell Varco, Inc. (NOV) Down -2.46%: Why This Stock Is Killing Today

National Oilwell Varco, Inc. (NYSE:NOV) is among the top losers of the stock market today, sinking -2.46% or (-0.58 points) to $22.76 from its previous close of $23.34. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 737569 contracts so far this session. NOV shares had a relatively better volume day versus average trading capacity of 3.01 million shares, but with a 0.35 billion float and a 6.62% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for NOV stock indicates that the average analyst price target is $26.3 per share. This means the stock has a potential increase of 15.55% from where the NOV share price has been trading recently.

During the recent trading session for National Oilwell Varco, Inc. (NYSE:NOV), the company witnessed their stock drop by $-1.36 over a week and tumble down $-0.7 from the price 20 days ago. When compared to their established 52-week high of $29.98, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 02/20/19. The recent low of $18.05 stood for a -24.07% since 08/15/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.39 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for National Oilwell Varco, Inc., the two-week RSI stands at 50.01. This figure suggests that NOV stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current NOV readings is similarly very revealing as it has a stochastic reading of 68.69% at this stage. This figure means that NOV share price today is being neutral.

Technical chart claims that National Oilwell Varco, Inc. (NOV) would settle between $23.72/share to $24.09/share level. However, if the stock price goes below the $23.09 mark, then the market for National Oilwell Varco, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $22.84 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.47. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Cowen lifted target price for shares of NOV but were stick to Market Perform recommendation for the stock in their opinion released on February 10. The price target has been raised from $25 to $27. Bernstein, analysts launched coverage of National Oilwell Varco, Inc. (NYSE:NOV) stock with a Mkt Perform recommendation, according to their flash note issued to investors on January 14. Analysts at Cowen are sticking to their Market Perform stance. However, on November 05, they lifted price target for these shares to $26 from $24.

NOV equity has an average rating of 2.48, with the figure leaning towards a bullish end. 29 analysts who tracked the company were contacted by Reuters. Amongst them, 13 rated the stock as a hold while the remaining 16 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 14 analysts rated National Oilwell Varco, Inc. (NYSE:NOV) as a buy or a strong buy while 2 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

National Oilwell Varco, Inc. (NOV)’s current-quarter revenues are projected to climb by nearly 3.7% to hit $2.01 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 0.9% from $8.48 billion to a noteworthy $8.55 billion. At the other end of the current quarter income statement, National Oilwell Varco, Inc. is expected to see its adjusted earnings surge by roughly 170.6% to hit $0.12 per share. For the fiscal year, NOV’s earnings are projected to climb by roughly -15.7% to hit $0.75 per share.