TD Cowen Issues Pessimistic Forecast for NOV (NYSE:NOV) Stock Price

NOV (NYSE:NOV) had its price target cut by TD Cowen from $28.00 to $22.00 in a research note issued to investors on Monday morning, Marketbeat.com reports. They currently have a buy rating on the oil and gas exploration company’s stock.

Other equities analysts also recently issued reports about the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $24.00 price objective on shares of NOV in a research note on Monday, July 29th. Stifel Nicolaus cut their price target on NOV from $26.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, October 11th. JPMorgan Chase & Co. lowered their price objective on shares of NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Barclays cut their target price on shares of NOV from $20.00 to $17.00 and set an “underweight” rating for the company in a research report on Wednesday, October 16th. Finally, Benchmark reiterated a “hold” rating on shares of NOV in a research report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.93.

NOV Price Performance

Shares of NYSE NOV opened at $15.51 on Monday. The stock has a market capitalization of $6.11 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 52 week low of $14.98 and a 52 week high of $21.23. The firm has a 50-day moving average price of $16.32 and a 200 day moving average price of $17.73. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26.

NOV Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a dividend of $0.075 per share. The ex-dividend date was Friday, September 13th. This represents a $0.30 annualized dividend and a dividend yield of 1.93%. NOV’s payout ratio is currently 11.07%.

Institutional Trading of NOV

Institutional investors and hedge funds have recently made changes to their positions in the company. Innealta Capital LLC increased its stake in NOV by 49.9% during the third quarter. Innealta Capital LLC now owns 15,448 shares of the oil and gas exploration company’s stock worth $247,000 after acquiring an additional 5,140 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in NOV by 176.4% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 524,781 shares of the oil and gas exploration company’s stock worth $8,381,000 after purchasing an additional 334,925 shares in the last quarter. HM Payson & Co. increased its position in NOV by 2.1% during the 3rd quarter. HM Payson & Co. now owns 49,000 shares of the oil and gas exploration company’s stock worth $783,000 after purchasing an additional 1,000 shares in the last quarter. Pinnacle Associates Ltd. raised its holdings in NOV by 27.7% in the third quarter. Pinnacle Associates Ltd. now owns 12,838 shares of the oil and gas exploration company’s stock valued at $205,000 after buying an additional 2,788 shares during the period. Finally, New York State Teachers Retirement System lifted its position in NOV by 1.3% during the third quarter. New York State Teachers Retirement System now owns 528,038 shares of the oil and gas exploration company’s stock valued at $8,433,000 after buying an additional 6,554 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

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.