NOV (NYSE:NOV) Given New $23.00 Price Target at Morgan Stanley

NOV (NYSE:NOV) had its target price lowered by Morgan Stanley from $25.00 to $23.00 in a report published on Monday, Benzinga reports. The firm currently has an overweight rating on the oil and gas exploration company’s stock.

Other analysts have also recently issued reports about the stock. Barclays increased their target price on shares of NOV from $17.00 to $20.00 and gave the stock an underweight rating in a report on Tuesday, July 30th. Royal Bank of Canada restated a sector perform rating and issued a $24.00 target price on shares of NOV in a research note on Monday, July 29th. Benchmark reiterated a hold rating on shares of NOV in a research report on Friday, July 26th. Piper Sandler reduced their price objective on NOV from $22.00 to $20.00 and set a neutral rating for the company in a research report on Monday, July 15th. Finally, TD Cowen increased their target price on NOV from $27.00 to $28.00 and gave the stock a buy rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, NOV has a consensus rating of Moderate Buy and an average price target of $24.42.

NOV Price Performance

NOV stock opened at $16.07 on Monday. The stock has a 50-day simple moving average of $17.97 and a 200-day simple moving average of $18.40. NOV has a 1 year low of $15.47 and a 1 year high of $21.71. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61. The firm has a market cap of $6.33 billion, a P/E ratio of 6.45, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67.

NOV (NYSE:NOV) last released its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the previous year, the firm earned $0.39 EPS. The company’s revenue was up 5.9% on a year-over-year basis. On average, equities analysts predict that NOV will post 1.63 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.075 per share. The ex-dividend date is Friday, September 13th. This represents a $0.30 annualized dividend and a yield of 1.87%. NOV’s payout ratio is 12.05%.

Institutional Trading of NOV

A number of institutional investors have recently made changes to their positions in NOV. Private Advisor Group LLC bought a new stake in NOV during the fourth quarter worth approximately $280,000. Principal Securities Inc. bought a new stake in shares of NOV in the 4th quarter worth $97,000. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of NOV by 48.7% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 55,424 shares of the oil and gas exploration company’s stock valued at $1,124,000 after buying an additional 18,150 shares during the period. Aigen Investment Management LP boosted its stake in NOV by 58.6% during the fourth quarter. Aigen Investment Management LP now owns 41,819 shares of the oil and gas exploration company’s stock valued at $848,000 after buying an additional 15,451 shares in the last quarter. Finally, Delta Asset Management LLC TN grew its holdings in NOV by 0.9% during the fourth quarter. Delta Asset Management LLC TN now owns 166,381 shares of the oil and gas exploration company’s stock worth $3,374,000 after acquiring an additional 1,409 shares during the period. 93.27% of the stock is 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.