NOV Inc. (NYSE:NOV) Stock Has Consensus Target Price of $21.31 According to Brokerages

NOV Inc. (NYSE:NOV) has received an average rating of “Hold” from the sixteen ratings firms that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $21.31.

A number of analysts recently issued reports on NOV shares. TD Cowen increased their price objective on NOV from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a research report on Monday, September 21st. The Goldman Sachs Group set a $19.00 price target on shares of NOV in a report on Wednesday, June 3rd. Barclays cut their price objective on shares of NOV from $21.00 to $20.00 and set an “underweight” rating for the company in a research report on Friday, July 31st. Finally, Susquehanna boosted their price objective on shares of NOV from $22.00 to $24.00 and gave the company a “positive” rating in a research note on Thursday, July 30th.

NOV Stock Down 2.0%

NOV stock opened at $19.46 on Friday. The firm has a 50 day simple moving average of $20.49 and a 200 day simple moving average of $19.90. The company has a current ratio of 2.42, a quick ratio of 1.61 and a debt-to-equity ratio of 0.27. NOV has a 1-year low of $12.28 and a 1-year high of $21.93. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 74.83 and a beta of 0.94.

NOV (NYSE:NOV) last posted its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.14. The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.08 billion. NOV had a return on equity of 3.44% and a net margin of 1.10%.The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.29 earnings per share. On average, analysts predict that NOV will post 0.99 earnings per share for the current year.

NOV Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, September 11th. NOV’s payout ratio is 138.46%.

Insider Buying and Selling at NOV

In related news, Director David Harrison sold 9,594 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $19.21, for a total value of $184,300.74. Following the sale, the director owned 126,763 shares in the company, valued at approximately $2,435,117.23. This trade represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.15% of the company’s stock.

Hedge Funds Weigh In On NOV

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOV. BlackRock Inc. bought a new stake in NOV during the second quarter valued at approximately $697,976,000. Pzena Investment Management LLC bought a new position in shares of NOV in the 2nd quarter worth $674,776,000. Dimensional Fund Advisors LP raised its position in shares of NOV by 2.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 19,404,319 shares of the oil and gas exploration company’s stock valued at $364,987,000 after buying an additional 431,684 shares in the last quarter. First Trust Advisors LP raised its position in shares of NOV by 2.3% during the 1st quarter. First Trust Advisors LP now owns 7,192,735 shares of the oil and gas exploration company’s stock valued at $135,295,000 after buying an additional 158,788 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of NOV by 17.0% during the 1st quarter. Bank of America Corp DE now owns 4,575,450 shares of the oil and gas exploration company’s stock worth $86,064,000 after acquiring an additional 664,969 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

NOV Company Profile

NOV Inc is a global provider of equipment, technologies and services used in the oil and gas industry. The company supplies products for drilling, well construction, completion and production operations, serving onshore and offshore customers across the energy value chain.

Its offerings include land and offshore drilling equipment, rig systems, drilling tools, tubular-handling equipment, wellbore technologies, completion tools and production systems. NOV also provides aftermarket parts, technical support, repair and maintenance services, and other solutions intended to improve the efficiency, safety and reliability of energy operations.

NOV serves customers in major energy-producing regions around the world through manufacturing, service and distribution operations.