NOV (NYSE:NOV) PT Lowered to $23.00

NOV (NYSE:NOV) had its target price trimmed by Morgan Stanley from $25.00 to $23.00 in a research note released on Monday morning, Benzinga reports. The firm currently has an overweight rating on the oil and gas exploration company’s stock.

Other analysts also recently issued research reports about the stock. Piper Sandler cut their price objective on shares of NOV from $22.00 to $20.00 and set a neutral rating for the company in a report on Monday, July 15th. Bank of America cut their price objective on shares of NOV from $24.00 to $22.00 and set a buy rating for the company in a report on Monday, July 15th. Barclays increased their price objective on shares of NOV from $17.00 to $20.00 and gave the company an underweight rating in a report on Tuesday, July 30th. Benchmark reissued a hold rating on shares of NOV in a research note on Friday, July 26th. Finally, TD Cowen increased their price target on shares of NOV from $27.00 to $28.00 and gave the company a buy rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $24.42.

NOV Stock Up 2.9 %

NOV opened at $16.90 on Monday. The company has a market cap of $6.68 billion, a PE ratio of 6.79, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. NOV has a twelve month low of $15.47 and a twelve month high of $21.71. The company has a 50-day moving average price of $17.92 and a 200 day moving average price of $18.38.

NOV (NYSE:NOV) last released its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.22. The company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. NOV’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 EPS. Sell-side analysts expect that NOV will post 1.63 earnings per share for the current fiscal year.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.30 annualized dividend and a yield of 1.78%. NOV’s dividend payout ratio is currently 12.05%.

Institutional Investors Weigh In On NOV

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rise Advisors LLC acquired a new stake in NOV during the 1st quarter worth $26,000. Rothschild Investment LLC acquired a new stake in NOV during the 2nd quarter worth $28,000. Riverview Trust Co acquired a new stake in NOV during the 1st quarter worth $39,000. SYSTM Wealth Solutions LLC purchased a new position in NOV during the 1st quarter worth $78,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in NOV during the 2nd quarter worth $78,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

About NOV

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.