NOV (NYSE:NOV) Given New $20.00 Price Target at Citigroup

NOV (NYSE:NOV) had its target price trimmed by Citigroup from $21.00 to $20.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the oil and gas exploration company’s stock.

Several other research firms have also weighed in on NOV. TD Cowen raised their price objective on NOV from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Susquehanna raised their price objective on NOV from $22.00 to $24.00 and gave the company a “positive” rating in a report on Thursday, July 30th. Zacks Research cut NOV from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 26th. Morgan Stanley set a $21.00 price objective on NOV in a research note on Wednesday, July 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a research report on Monday, September 21st. Four equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $21.58.

NOV Trading Down 3.4%

Shares of NOV stock opened at $17.41 on Thursday. NOV has a 12-month low of $14.30 and a 12-month high of $21.93. The firm has a 50 day moving average price of $19.77 and a two-hundred day moving average price of $19.65. The company has a quick ratio of 1.66, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $6.21 billion, a PE ratio of 43.52 and a beta of 0.96.

NOV (NYSE:NOV) last issued its quarterly earnings data on Tuesday, October 27th. The oil and gas exploration company reported $0.25 earnings per share for the quarter, hitting the consensus estimate of $0.25. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.20 billion. NOV had a net margin of 1.65% and a return on equity of 4.23%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.11 EPS. As a group, analysts predict that NOV will post 1.01 earnings per share for the current year.

NOV Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were paid a $0.09 dividend. The ex-dividend date was Friday, September 11th. This represents a $0.36 annualized dividend and a dividend yield of 2.1%. NOV’s dividend payout ratio (DPR) is currently 90.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOV. Maryland State Retirement & Pension System grew its stake in shares of NOV by 16.8% during the 3rd quarter. Maryland State Retirement & Pension System now owns 21,420 shares of the oil and gas exploration company’s stock worth $401,000 after acquiring an additional 3,085 shares during the period. Illinois Municipal Retirement Fund grew its position in shares of NOV by 30.9% in the third quarter. Illinois Municipal Retirement Fund now owns 215,849 shares of the oil and gas exploration company’s stock valued at $4,043,000 after purchasing an additional 51,004 shares in the last quarter. Lido Advisors LLC raised its stake in shares of NOV by 46.7% during the 3rd quarter. Lido Advisors LLC now owns 18,663 shares of the oil and gas exploration company’s stock valued at $350,000 after purchasing an additional 5,945 shares during the period. AlphaCore Capital LLC bought a new stake in shares of NOV during the third quarter valued at about $236,000. Finally, Leuthold Group LLC lifted its holdings in shares of NOV by 8.8% in the third quarter. Leuthold Group LLC now owns 216,758 shares of the oil and gas exploration company’s stock worth $4,060,000 after buying an additional 17,541 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

Key Headlines Impacting NOV

Here are the key news stories impacting NOV this week:

• Negative Sentiment: Citigroup cut its price target to $20 from $21 and maintained a neutral rating. The revised target still implies about 14.9% upside from $17.41, but the lower target may weigh on sentiment. Citigroup stock recommendations
• Negative Sentiment: A Seeking Alpha analysis highlighted high working-capital costs alongside poor growth expectations, adding to concerns about NOV’s near-term outlook. NOV Inc.: High Working Capital Costs Amid Poor Growth Expectations

About NOV

NOV Inc (NYSE: NOV) is a Houston-based technology and equipment provider serving the global energy industry. The company develops and manufactures products and systems used in oil and natural gas drilling, well construction, completion and production operations.

Its offerings include land and offshore drilling rigs, rig equipment and components, downhole tools, drill pipe, wellbore technologies, pressure-control systems, and equipment used to enhance production. NOV also provides aftermarket parts, technical support, maintenance and other services designed to help energy companies operate and maintain their equipment.

The company was formed in 2005 through the merger of National Oilwell and Varco International, building on businesses with much longer histories in the oilfield equipment industry.