NOV (NYSE:NOV) Price Target Cut to $15.00 by Analysts at Wells Fargo & Company

NOV (NYSE:NOV) had its price target reduced by Wells Fargo & Company from $16.00 to $15.00 in a research note released on Monday,Benzinga reports. They currently have an underweight rating on the oil and gas exploration company’s stock.

Other research analysts also recently issued reports about the company. Benchmark reaffirmed a “hold” rating on shares of NOV in a report on Friday, July 26th. JPMorgan Chase & Co. reduced their target price on NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. Citigroup lowered their price target on shares of NOV from $24.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, October 3rd. Bank of America reduced their price objective on shares of NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Finally, 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 research report on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.86.

NOV Stock Performance

NYSE NOV opened at $16.53 on Monday. The firm’s fifty day moving average price is $16.11 and its two-hundred day moving average price is $17.63. The stock has a market cap of $6.43 billion, a PE ratio of 6.10, a PEG ratio of 0.88 and a beta of 1.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. NOV has a fifty-two week low of $14.98 and a fifty-two week high of $21.23.

NOV Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.81%. The ex-dividend date was Friday, September 13th. NOV’s dividend payout ratio (DPR) is 11.07%.

Institutional Trading of NOV

Institutional investors have recently added to or reduced their stakes in the business. Pzena Investment Management LLC lifted its holdings in NOV by 0.3% in the second quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock valued at $668,694,000 after acquiring an additional 103,238 shares during the period. Dimensional Fund Advisors LP raised its stake in NOV by 40.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after purchasing an additional 3,470,860 shares during the period. Bank of New York Mellon Corp boosted its position in shares of NOV by 67.2% during the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after acquiring an additional 3,989,095 shares during the last quarter. Boston Partners bought a new stake in NOV in the 1st quarter valued at $119,686,000. Finally, AQR Capital Management LLC lifted its stake in NOV by 232.6% in the 2nd quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock worth $92,938,000 after purchasing an additional 3,418,885 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

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.