NOV (NYSE:NOV) PT Lowered to $20.00 at BMO Capital Markets

NOV (NYSE:NOV) had its price objective cut by BMO Capital Markets from $22.00 to $20.00 in a report issued on Thursday, MarketBeat Ratings reports. They currently have a market perform rating on the oil and gas exploration company’s stock.

A number of other brokerages have also recently issued reports on NOV. Evercore ISI upgraded shares of NOV to a strong-buy rating in a report on Friday, July 26th. Bank of America decreased their price objective on shares of NOV from $24.00 to $22.00 and set a buy rating for the company in a report on Monday, July 15th. Piper Sandler decreased their price objective on shares of NOV from $22.00 to $20.00 and set a neutral rating for the company in a report on Monday, July 15th. Wells Fargo & Company cut shares of NOV from an equal weight rating to an underweight rating and decreased their price objective for the stock from $20.00 to $16.00 in a report on Wednesday, September 25th. Finally, Barclays upped their price objective on shares of NOV from $17.00 to $20.00 and gave the stock an underweight rating in a report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, NOV presently has a consensus rating of Moderate Buy and a consensus price target of $22.93.

NOV Trading Up 1.3 %

NOV stock opened at $16.39 on Thursday. The company’s fifty day simple moving average is $16.93 and its 200-day simple moving average is $18.13. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. NOV has a 12 month low of $15.47 and a 12 month high of $21.53. The stock has a market cap of $6.48 billion, a P/E ratio of 6.58, a P/E/G ratio of 0.47 and a beta of 1.67.

NOV (NYSE:NOV) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, beating 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 business had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the company posted $0.39 EPS. NOV’s revenue was up 5.9% on a year-over-year basis. As a group, sell-side analysts forecast that NOV will post 1.64 EPS for the current fiscal year.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date was Friday, September 13th. NOV’s dividend payout ratio is currently 12.05%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NOV. Goehring & Rozencwajg Associates LLC raised its position in shares of NOV by 3.4% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 153,485 shares of the oil and gas exploration company’s stock valued at $3,113,000 after buying an additional 5,005 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in NOV by 95.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock valued at $17,846,000 after acquiring an additional 429,104 shares during the period. Quadrature Capital Ltd bought a new stake in NOV in the fourth quarter valued at about $580,000. CWM LLC increased its stake in NOV by 96.0% in the first quarter. CWM LLC now owns 10,743 shares of the oil and gas exploration company’s stock valued at $210,000 after acquiring an additional 5,263 shares during the period. Finally, GAMMA Investing LLC increased its stake in NOV by 47.5% in the first quarter. GAMMA Investing LLC now owns 4,648 shares of the oil and gas exploration company’s stock valued at $91,000 after acquiring an additional 1,497 shares during the period. Institutional investors and hedge funds 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.