NOV Inc. (NYSE:NOV) Receives Average Recommendation of “Moderate Buy” from Brokerages

NOV Inc. (NYSE:NOV) has been assigned an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $24.58.

A number of equities analysts have commented on the stock. Evercore ISI raised shares of NOV to a “strong-buy” rating in a report on Friday, July 26th. Barclays raised their price target on NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Tuesday, July 30th. Piper Sandler lowered their price objective on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 target price on shares of NOV in a research note on Monday, July 29th. Finally, Benchmark restated a “hold” rating on shares of NOV in a research report on Friday, July 26th.

NOV Stock Down 2.2 %

Shares of NYSE:NOV opened at $15.87 on Friday. The firm has a market cap of $6.25 billion, a PE ratio of 6.37, a price-to-earnings-growth ratio of 0.49 and a beta of 1.67. The company has a fifty day simple moving average of $18.16 and a 200 day simple moving average of $18.43. 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 12-month low of $15.74 and a 12-month high of $21.71.

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, 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 company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the previous year, the firm earned $0.39 EPS. The company’s revenue was up 5.9% on a year-over-year basis. On average, equities research analysts anticipate that NOV will post 1.63 EPS for the current fiscal year.

NOV Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.30 annualized dividend and a yield of 1.89%. NOV’s dividend payout ratio is currently 12.05%.

Hedge Funds Weigh In On NOV

Several hedge funds have recently made changes to their positions in the business. Boston Partners acquired a new position in NOV in the first quarter worth approximately $119,686,000. Balyasny Asset Management L.P. boosted its stake in shares of NOV by 769.1% during the 4th 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 acquiring an additional 5,456,581 shares in the last quarter. Bank of New York Mellon Corp raised its position 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 during the period. Pzena Investment Management LLC raised its position in shares of NOV by 12.7% during the first quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock worth $684,618,000 after purchasing an additional 3,946,504 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of NOV by 40.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after purchasing an additional 3,470,860 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.