NOV (NYSE:NOV) Price Target Lowered to $20.00 at Bank of America

NOV (NYSE:NOV) had its price objective reduced by Bank of America from $22.00 to $20.00 in a research report sent to investors on Monday, Benzinga reports. Bank of America currently has a buy rating on the oil and gas exploration company’s stock.

Other research analysts have also issued reports about the stock. Morgan Stanley lowered their price objective on shares of NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Royal Bank of Canada restated a “sector perform” rating and issued a $24.00 price objective on shares of NOV in a research note on Monday, July 29th. Benchmark reiterated a “hold” rating on shares of NOV in a research note on Friday, July 26th. Citigroup decreased their target price on NOV from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. Finally, Wells Fargo & Company cut shares of NOV from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $20.00 to $16.00 in a research report on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.57.

NOV Stock Up 0.0 %

Shares of NOV stock opened at $15.69 on Monday. The firm has a market cap of $6.20 billion, a PE ratio of 6.30, a P/E/G ratio of 0.47 and a beta of 1.67. NOV has a 52-week low of $15.47 and a 52-week high of $21.53. The business’s 50 day simple moving average is $16.83 and its 200 day simple moving average is $18.07. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61.

NOV (NYSE:NOV) last released its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.22. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. The firm’s revenue was up 5.9% on a year-over-year basis. During the same period last year, the business earned $0.39 earnings per share. On average, analysts predict that NOV will post 1.64 earnings per share for the current fiscal year.

NOV Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend was Friday, September 13th. NOV’s dividend payout ratio is 12.05%.

Institutional Trading of NOV

Institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. raised its position in shares of NOV by 95.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock valued at $17,846,000 after buying an additional 429,104 shares in the last quarter. Wintrust Investments LLC raised its holdings in NOV by 631.6% in the 1st quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock valued at $1,600,000 after acquiring an additional 70,743 shares in the last quarter. Stanley Laman Group Ltd. acquired a new position in NOV in the 2nd quarter valued at $4,031,000. Allspring Global Investments Holdings LLC grew its holdings in shares of NOV by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock worth $75,813,000 after purchasing an additional 42,717 shares in the last quarter. Finally, Deprince Race & Zollo Inc. increased its position in shares of NOV by 1,194.1% in the second quarter. Deprince Race & Zollo Inc. now owns 1,706,017 shares of the oil and gas exploration company’s stock worth $32,431,000 after purchasing an additional 1,574,188 shares during the period. Institutional investors own 93.27% of the company’s stock.

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.