BMO Capital Markets Cuts NOV (NYSE:NOV) Price Target to $20.00

NOV (NYSE:NOV) had its target price lowered by BMO Capital Markets from $22.00 to $20.00 in a report released on Thursday morning, Marketbeat reports. BMO Capital Markets currently has a market perform rating on the oil and gas exploration company’s stock.

A number of other research analysts have also weighed in on NOV. Citigroup reduced their price objective on shares of NOV from $24.00 to $21.00 and set a buy rating for the company in a research note on Thursday, October 3rd. Morgan Stanley reduced their price objective on shares of NOV from $25.00 to $23.00 and set an overweight rating for the company in a research note on Monday, September 16th. JPMorgan Chase & Co. reduced their price objective on shares of NOV from $23.00 to $22.00 and set an overweight rating for the company in a research note on Thursday, October 3rd. Wells Fargo & Company downgraded shares of NOV from an equal weight rating to an underweight rating and cut their price target for the company from $20.00 to $16.00 in a report on Wednesday, September 25th. Finally, TD Cowen raised their price target on shares of NOV from $27.00 to $28.00 and gave the company a buy rating in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $22.93.

NOV Trading Up 1.3 %

Shares of NOV stock opened at $16.39 on Thursday. The company has a 50 day moving average of $16.93 and a 200-day moving average of $18.14. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. NOV has a 12-month low of $15.47 and a 12-month high of $21.53. The firm has a market cap of $6.48 billion, a P/E ratio of 6.58, a PEG ratio of 0.47 and a beta of 1.67.

NOV (NYSE:NOV) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) 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 analyst estimates of $2.19 billion. During the same quarter last year, the business posted $0.39 EPS. NOV’s quarterly revenue was up 5.9% compared to the same quarter last year. Sell-side analysts anticipate that NOV will post 1.64 earnings per share for the current year.

NOV Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders 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 1.83%. The ex-dividend date was Friday, September 13th. NOV’s payout ratio is 12.05%.

Hedge Funds Weigh In On NOV

A number of hedge funds have recently modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of NOV during the first quarter valued at about $26,000. Rothschild Investment LLC purchased a new position in shares of NOV during the second quarter valued at about $28,000. Riverview Trust Co purchased a new position in shares of NOV during the first quarter valued at about $39,000. American National Bank & Trust purchased a new position in shares of NOV during the third quarter valued at about $39,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of NOV during the second quarter valued at about $78,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.