NOV (NYSE:NOV) Price Target Lowered to $15.00 at Wells Fargo & Company

NOV (NYSE:NOV) had its price objective decreased by Wells Fargo & Company from $16.00 to $15.00 in a research note issued to investors on Monday morning, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the oil and gas exploration company’s stock.

Several other analysts have also recently issued reports on NOV. Citigroup dropped their target price on NOV from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, October 3rd. Evercore ISI upgraded shares of NOV to a “strong-buy” rating in a report on Friday, July 26th. Susquehanna decreased their price target on shares of NOV from $22.00 to $21.00 and set a “positive” rating for the company in a research report on Monday, October 28th. BMO Capital Markets cut their price objective on shares of NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research report on Thursday, October 10th. Finally, Stifel Nicolaus lowered their target price on shares of NOV from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, October 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $21.86.

NOV Price Performance

Shares of NOV opened at $15.39 on Monday. The stock has a market capitalization of $5.99 billion, a PE ratio of 5.68, a PEG ratio of 0.87 and a beta of 1.66. The company has a 50 day moving average price of $16.26 and a 200-day moving average price of $17.68. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. NOV has a fifty-two week low of $14.98 and a fifty-two week high of $21.23.

NOV Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a $0.075 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.95%. NOV’s dividend payout ratio (DPR) is currently 11.07%.

Hedge Funds Weigh In On NOV

Institutional investors and hedge funds have recently modified their holdings of the business. Boston Partners purchased a new stake in shares of NOV in the first quarter valued at approximately $119,686,000. Bank of New York Mellon Corp increased its stake in shares of NOV by 67.2% during the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after purchasing an additional 3,989,095 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of NOV by 40.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock worth $230,743,000 after purchasing an additional 3,470,860 shares during the last quarter. AQR Capital Management LLC lifted its stake in NOV by 232.6% in the 2nd quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock valued at $92,938,000 after buying an additional 3,418,885 shares in the last quarter. Finally, Deprince Race & Zollo Inc. boosted its holdings in NOV by 1,194.1% in the 2nd 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 buying an additional 1,574,188 shares during the last quarter. Hedge funds and other institutional investors 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.