NOV Inc. (NYSE:NOV) Receives $24.00 Consensus Target Price from Brokerages

Shares of NOV Inc. (NYSE:NOV) have received an average recommendation of “Moderate Buy” from the fifteen analysts that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $23.54.

Several brokerages have recently commented on NOV. Bank of America reduced their target price on NOV from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Piper Sandler cut their target price on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Morgan Stanley reduced their price target on shares of NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Citigroup decreased their target price on NOV from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 price target on shares of NOV in a research note on Monday, July 29th.

NOV Stock Performance

Shares of NOV stock opened at $16.59 on Tuesday. The firm has a market cap of $6.56 billion, a price-to-earnings ratio of 6.66, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67. NOV has a one year low of $15.47 and a one year high of $21.53. The stock’s 50-day moving average is $17.30 and its 200-day moving average is $18.25. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64.

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

NOV Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.075 dividend. 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 presently 12.05%.

Institutional Trading of NOV

Several hedge funds have recently modified their holdings of the stock. Rise Advisors LLC bought a new position in NOV during the first quarter worth $26,000. Rothschild Investment LLC bought a new position in shares of NOV during the 2nd quarter worth about $28,000. Riverview Trust Co acquired a new stake in shares of NOV in the 1st quarter valued at about $39,000. American National Bank & Trust bought a new stake in NOV in the 3rd quarter valued at about $39,000. Finally, SYSTM Wealth Solutions LLC acquired a new position in NOV during the 1st quarter worth approximately $78,000. Institutional investors own 93.27% of the company’s stock.

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.