Analysts Set NOV Inc. (NYSE:NOV) Price Target at $24.07

NOV Inc. (NYSE:NOV) has been assigned a consensus rating of “Hold” from the fifteen research firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $24.07.

NOV has been the subject of several research analyst reports. Bank of America dropped their price objective on shares of NOV from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, July 15th. TD Cowen dropped their target price on shares of NOV from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Susquehanna reiterated a “positive” rating and set a $26.00 target price on shares of NOV in a research report on Monday, April 8th. Finally, Piper Sandler dropped their target price on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, July 15th.

NOV Stock Performance

NOV stock opened at $18.25 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.50 and a quick ratio of 1.50. The company has a 50 day moving average price of $18.36 and a 200 day moving average price of $18.61. NOV has a fifty-two week low of $16.77 and a fifty-two week high of $21.91. The stock has a market capitalization of $7.22 billion, a PE ratio of 7.33, a price-to-earnings-growth ratio of 0.58 and a beta of 1.70.

NOV (NYSE:NOV) last posted its quarterly earnings data on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.03. NOV had a net margin of 11.23% and a return on equity of 10.21%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter in the previous year, the company posted $0.32 EPS. NOV’s revenue was up 9.8% on a year-over-year basis. Analysts forecast that NOV will post 1.55 EPS for the current year.

NOV Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.075 dividend. This is a positive change from NOV’s previous quarterly dividend of $0.05. The ex-dividend date was Friday, June 14th. This represents a $0.30 annualized dividend and a dividend yield of 1.64%. NOV’s payout ratio is 12.05%.

Hedge Funds Weigh In On NOV

Several institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC grew its holdings in shares of NOV by 10.8% in the 4th quarter. CWM LLC now owns 5,480 shares of the oil and gas exploration company’s stock valued at $111,000 after buying an additional 536 shares during the period. Nisa Investment Advisors LLC boosted its stake in NOV by 1.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 50,280 shares of the oil and gas exploration company’s stock worth $1,020,000 after purchasing an additional 580 shares during the period. Wedmont Private Capital boosted its stake in NOV by 5.2% in the 1st quarter. Wedmont Private Capital now owns 12,992 shares of the oil and gas exploration company’s stock worth $263,000 after purchasing an additional 643 shares during the period. Mather Group LLC. boosted its stake in NOV by 17.2% in the 2nd quarter. Mather Group LLC. now owns 5,706 shares of the oil and gas exploration company’s stock worth $111,000 after purchasing an additional 839 shares during the period. Finally, GAMMA Investing LLC boosted its stake in NOV by 18.2% in the 2nd quarter. GAMMA Investing LLC now owns 5,496 shares of the oil and gas exploration company’s stock worth $104,000 after purchasing an additional 848 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Company Profile

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.