Citigroup Cuts NOV (NYSE:NOV) Price Target to $21.00

NOV (NYSE:NOV) had its price target cut by Citigroup from $24.00 to $21.00 in a research note released on Thursday morning, Benzinga reports. They currently have a buy rating on the oil and gas exploration company’s stock.

NOV has been the topic of several other research reports. TD Cowen raised their target price on shares of NOV from $27.00 to $28.00 and gave the company a buy rating in a research note on Monday, July 29th. Evercore ISI raised NOV to a strong-buy rating in a report on Friday, July 26th. Barclays upped their target price on NOV from $17.00 to $20.00 and gave the stock an underweight rating in a research report on Tuesday, July 30th. Morgan Stanley lowered their price target on NOV from $25.00 to $23.00 and set an overweight rating on the stock in a research report on Monday, September 16th. Finally, Royal Bank of Canada restated a sector perform rating and issued a $24.00 price objective on shares of NOV in a report on Monday, July 29th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $23.54.

NOV Trading Up 1.1 %

Shares of NYSE:NOV opened at $16.59 on Thursday. NOV has a fifty-two week low of $15.47 and a fifty-two week high of $21.53. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.56 billion, a PE ratio of 6.66, a P/E/G ratio of 0.50 and a beta of 1.67. The company’s 50-day moving average price is $17.30 and its 200 day moving average price is $18.25.

NOV (NYSE:NOV) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a return on equity of 10.97% and a net margin of 11.88%. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the firm posted $0.39 earnings per share. The business’s revenue was up 5.9% on a year-over-year basis. Sell-side analysts anticipate that NOV will post 1.63 earnings per share for the current year.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend was Friday, September 13th. NOV’s dividend payout ratio is presently 12.05%.

Institutional Investors Weigh In On NOV

A number of large investors have recently made changes to their positions in NOV. Rise Advisors LLC acquired a new position in NOV in the 1st quarter worth approximately $26,000. Rothschild Investment LLC acquired a new stake in shares of NOV in the second quarter worth $28,000. Riverview Trust Co purchased a new position in shares of NOV during the first quarter valued at $39,000. American National Bank & Trust acquired a new position in NOV during the third quarter valued at $39,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in NOV in the 2nd quarter worth about $78,000. 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.