NOV (NYSE:NOV) Price Target Raised to $20.00

NOV (NYSE:NOV) had its price objective raised by Barclays from $17.00 to $20.00 in a report issued on Tuesday morning, Benzinga reports. Barclays currently has an underweight rating on the oil and gas exploration company’s stock.

Several other equities research analysts have also commented on the stock. Piper Sandler decreased their price objective on shares of NOV from $22.00 to $20.00 and set a neutral rating on the stock in a research report on Monday, July 15th. Royal Bank of Canada reissued a sector perform rating and set a $24.00 price objective on shares of NOV in a research note on Monday. TD Cowen upped their target price on NOV from $27.00 to $28.00 and gave the company a buy rating in a research note on Monday. Susquehanna reissued a positive rating and set a $26.00 price target on shares of NOV in a research report on Monday, April 8th. Finally, Bank of America decreased their price objective on NOV from $24.00 to $22.00 and set a buy rating on the stock in a research note on Monday, July 15th. Two research analysts have 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 company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $24.08.

NOV Trading Down 5.9 %

Shares of NOV opened at $19.60 on Tuesday. NOV has a twelve month low of $16.77 and a twelve month high of $21.91. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $7.72 billion, a P/E ratio of 7.87, a PEG ratio of 0.63 and a beta of 1.70. The firm’s 50-day moving average is $18.49 and its two-hundred day moving average is $18.63.

NOV (NYSE:NOV) last released its quarterly earnings data 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 firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. NOV had a return on equity of 10.97% and a net margin of 11.88%. NOV’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the business posted $0.39 EPS. On average, research analysts predict that NOV will post 1.61 earnings per share for the current fiscal year.

NOV Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.53%. This is an increase from NOV’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Friday, June 14th. NOV’s payout ratio is presently 12.05%.

Hedge Funds Weigh In On NOV

Large investors have recently bought and sold shares of the stock. Versor Investments LP purchased a new stake in shares of NOV during the 2nd quarter valued at $369,000. Natixis Advisors LLC grew its position in NOV by 21.4% during the second quarter. Natixis Advisors LLC now owns 60,544 shares of the oil and gas exploration company’s stock valued at $1,151,000 after acquiring an additional 10,652 shares during the period. AM Squared Ltd purchased a new stake in NOV during the second quarter valued at about $293,000. Rothschild Investment LLC purchased a new position in shares of NOV in the 2nd quarter worth about $28,000. Finally, Lee Danner & Bass Inc. purchased a new position in shares of NOV in the 2nd quarter worth about $4,695,000. Hedge funds and other 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.