Stifel Nicolaus Cuts NOV (NYSE:NOV) Price Target to $24.00

NOV (NYSE:NOV) had its price target decreased by Stifel Nicolaus from $25.00 to $24.00 in a research report released on Monday, Benzinga reports. Stifel Nicolaus currently has a buy rating on the oil and gas exploration company’s stock.

Several other equities analysts have also recently commented on the company. BMO Capital Markets reduced their target price on NOV from $22.00 to $20.00 and set a “market perform” rating for the company in a research report on Thursday, October 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $24.00 price objective on shares of NOV in a research report on Monday, July 29th. Evercore ISI raised shares of NOV to a “strong-buy” rating in a research note on Friday, July 26th. Citigroup cut their price target on shares of NOV from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. Finally, Susquehanna lowered their price objective on shares of NOV from $26.00 to $22.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.93.

NOV Price Performance

Shares of NYSE:NOV opened at $15.51 on Monday. The company has a market cap of $6.11 billion, a price-to-earnings ratio of 5.72, a PEG ratio of 0.91 and a beta of 1.67. NOV has a one year low of $14.98 and a one year high of $21.23. The firm has a fifty day moving average price of $16.32 and a two-hundred day moving average price of $17.73. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65.

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.075 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.30 dividend on an annualized basis and a yield of 1.93%. NOV’s dividend payout ratio (DPR) is currently 11.07%.

Institutional Inflows and Outflows

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