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

NOV (NYSE:NOV) had its price objective lowered by Susquehanna from $22.00 to $21.00 in a report released on Monday morning, Benzinga reports. Susquehanna currently has a positive rating on the oil and gas exploration company’s stock.

A number of other analysts have also issued reports on NOV. Wells Fargo & Company lowered shares of NOV from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $20.00 to $16.00 in a research report on Wednesday, September 25th. Stifel Nicolaus decreased their price objective on NOV from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Monday. Benchmark reiterated a “hold” rating on shares of NOV in a research note on Friday, July 26th. Morgan Stanley decreased their price target on NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Finally, Barclays dropped their price objective on shares of NOV from $20.00 to $17.00 and set an “underweight” rating for the company in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.93.

NOV Price Performance

NYSE:NOV opened at $15.51 on Monday. The firm has a market cap of $6.10 billion, a price-to-earnings ratio of 5.72, a price-to-earnings-growth ratio of 0.91 and a beta of 1.67. NOV has a 12-month low of $14.98 and a 12-month high of $21.23. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average is $16.36 and its two-hundred day moving average is $17.74.

NOV Announces Dividend

The firm 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. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.30 annualized dividend and a yield of 1.93%. NOV’s dividend payout ratio is currently 11.07%.

Institutional Investors Weigh In On NOV

Several large investors have recently made changes to their positions in NOV. Park Avenue Securities LLC increased its holdings in NOV by 7.5% in the 1st quarter. Park Avenue Securities LLC now owns 17,020 shares of the oil and gas exploration company’s stock valued at $332,000 after purchasing an additional 1,194 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of NOV by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock valued at $75,813,000 after buying an additional 42,717 shares in the last quarter. State of Michigan Retirement System raised its holdings in shares of NOV by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 96,777 shares of the oil and gas exploration company’s stock valued at $1,889,000 after buying an additional 2,300 shares during the period. Norden Group LLC acquired a new position in NOV during the 1st quarter worth approximately $196,000. Finally, Retirement Systems of Alabama boosted its holdings in NOV by 5.0% in the 1st quarter. Retirement Systems of Alabama now owns 968,972 shares of the oil and gas exploration company’s stock worth $18,914,000 after acquiring an additional 45,798 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.