NOV Inc. (NYSE:NOV) Receives $24.07 Consensus Price Target from Analysts

NOV Inc. (NYSE:NOV) has received an average rating of “Hold” from the fifteen analysts that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $24.07.

Several equities research analysts have recently commented on NOV shares. Piper Sandler cut their price objective on NOV from $25.00 to $22.00 and set a “neutral” rating for the company in a report on Tuesday, February 20th. Stifel Nicolaus lowered their price objective on shares of NOV from $28.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, February 5th. TD Cowen cut their target price on shares of NOV from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Monday, April 29th. Royal Bank of Canada reiterated a “sector perform” rating and set a $24.00 price target on shares of NOV in a report on Tuesday, February 6th. Finally, Susquehanna restated a “positive” rating and issued a $26.00 price objective on shares of NOV in a research note on Monday, April 8th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NOV. Rise Advisors LLC acquired a new stake in NOV during the first quarter worth about $26,000. Riverview Trust Co acquired a new stake in shares of NOV during the 1st quarter worth approximately $39,000. Bruce G. Allen Investments LLC bought a new position in NOV in the fourth quarter valued at approximately $49,000. GAMMA Investing LLC acquired a new position in NOV during the fourth quarter valued at approximately $61,000. Finally, International Assets Investment Management LLC boosted its holdings in shares of NOV by 1,306.5% in the 4th quarter. International Assets Investment Management LLC now owns 3,488 shares of the oil and gas exploration company’s stock valued at $71,000 after purchasing an additional 3,240 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

NOV Price Performance

NOV stock opened at $18.82 on Wednesday. The stock has a market cap of $7.44 billion, a PE ratio of 7.56, a price-to-earnings-growth ratio of 0.59 and a beta of 1.74. The stock has a 50-day moving average price of $19.06 and a two-hundred day moving average price of $18.95. NOV has a 1 year low of $14.05 and a 1 year high of $21.91. The company has a current ratio of 2.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.28.

NOV (NYSE:NOV) last issued its quarterly earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.03. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. NOV had a net margin of 11.23% and a return on equity of 10.21%. The company’s revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 EPS. Equities analysts forecast that NOV will post 1.56 EPS for the current fiscal year.

NOV Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.59%. This is an increase from NOV’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Friday, June 14th. NOV’s dividend payout ratio is presently 12.05%.

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.