NOV (NYSE:NOV) Cut to Underweight at Wells Fargo & Company

Wells Fargo & Company downgraded shares of NOV (NYSE:NOV) from an equal weight rating to an underweight rating in a research note released on Wednesday, MarketBeat reports. They currently have $16.00 price target on the oil and gas exploration company’s stock, down from their prior price target of $20.00.

Other equities research analysts have also issued reports about the stock. Barclays upped their price objective on shares of NOV from $17.00 to $20.00 and gave the company an underweight rating in a research note on Tuesday, July 30th. Morgan Stanley cut their target price 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. TD Cowen upped their price objective on shares of NOV from $27.00 to $28.00 and gave the stock a buy rating in a report on Monday, July 29th. Piper Sandler lowered their price objective on shares of NOV from $22.00 to $20.00 and set a neutral rating on the stock in a report on Monday, July 15th. Finally, Benchmark restated a hold rating on shares of NOV in a report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $24.00.

NOV Trading Up 0.8 %

Shares of NOV stock opened at $15.98 on Wednesday. The firm’s 50 day moving average is $17.56 and its 200 day moving average is $18.33. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. NOV has a 1 year low of $15.47 and a 1 year high of $21.68. The firm has a market capitalization of $6.32 billion, a PE ratio of 6.42, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67.

NOV (NYSE:NOV) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period last year, the company earned $0.39 EPS. The firm’s revenue was up 5.9% compared to the same quarter last year. Equities research analysts forecast that NOV will post 1.63 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business 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. The ex-dividend date was Friday, September 13th. This represents a $0.30 annualized dividend and a yield of 1.88%. NOV’s payout ratio is currently 12.05%.

Hedge Funds Weigh In On NOV

Several institutional investors have recently added to or reduced their stakes in NOV. Pzena Investment Management LLC boosted its position in NOV by 0.3% during the second quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock worth $668,694,000 after purchasing an additional 103,238 shares during the period. Dimensional Fund Advisors LP boosted its position in NOV by 40.0% during the second 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 period. Bank of New York Mellon Corp boosted its position in 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 during the period. Balyasny Asset Management L.P. boosted its position in NOV by 769.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock worth $125,048,000 after purchasing an additional 5,456,581 shares during the period. Finally, Boston Partners bought a new position in NOV during the first quarter worth about $119,686,000. 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.