Brokerages Set NOV Inc. (NYSE:NOV) Target Price at $22.57

NOV Inc. (NYSE:NOV) has been assigned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $22.00.

Several research analysts recently weighed in on NOV shares. Morgan Stanley reduced their price target on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Susquehanna decreased their target price on shares of NOV from $22.00 to $21.00 and set a “positive” rating for the company in a research note on Monday. Wells Fargo & Company lowered shares of NOV from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $20.00 to $16.00 in a research report on Wednesday, September 25th. Piper Sandler lowered their target price on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $24.00 price target on shares of NOV in a research note on Monday, July 29th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Rothschild Investment LLC acquired a new stake in shares of NOV in the second quarter valued at approximately $28,000. American National Bank & Trust purchased a new stake in NOV in the 3rd quarter valued at $39,000. International Assets Investment Management LLC increased its stake in shares of NOV by 1,590.1% in the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock worth $46,000 after acquiring an additional 2,735 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of NOV during the 2nd quarter worth $78,000. Finally, Signaturefd LLC boosted its position in shares of NOV by 67.6% during the 2nd quarter. Signaturefd LLC now owns 4,443 shares of the oil and gas exploration company’s stock valued at $84,000 after acquiring an additional 1,792 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Price Performance

Shares of NOV opened at $15.40 on Friday. The company has a market capitalization of $6.06 billion, a P/E ratio of 5.68, a P/E/G ratio of 0.91 and a beta of 1.67. The business’s 50-day moving average is $16.44 and its two-hundred day moving average is $17.79. 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 firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Friday, September 13th. NOV’s dividend payout ratio (DPR) is 11.07%.

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.