Analysts Set NOV Inc. (NYSE:NOV) Price Target at $24.07

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

Several brokerages have weighed in on NOV. Royal Bank of Canada reissued a “sector perform” rating and set a $24.00 price objective on shares of NOV in a report on Tuesday, February 6th. Raymond James decreased their price objective on NOV from $28.00 to $25.00 and set an “outperform” rating for the company in a report on Monday, February 5th. Susquehanna reiterated a “positive” rating and set a $26.00 target price on shares of NOV in a research report on Monday, April 8th. Benchmark downgraded shares of NOV from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Finally, Piper Sandler dropped their price target on shares of NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 20th.

Insider Activity

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of NOV stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $17.43, for a total transaction of $61,005.00. Following the completion of the sale, the chief accounting officer now directly owns 114,212 shares in the company, valued at $1,990,715.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On NOV

A number of large investors have recently added to or reduced their stakes in the business. Entropy Technologies LP bought a new position in shares of NOV in the first quarter worth approximately $229,000. Edmond DE Rothschild Holding S.A. increased its holdings in NOV by 11.4% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 2,450,000 shares of the oil and gas exploration company’s stock valued at $47,824,000 after purchasing an additional 250,000 shares during the period. Headlands Technologies LLC bought a new position in NOV during the 1st quarter valued at approximately $353,000. Sei Investments Co. lifted its holdings in NOV by 1.4% in the 1st quarter. Sei Investments Co. now owns 638,976 shares of the oil and gas exploration company’s stock worth $12,473,000 after buying an additional 9,055 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of NOV by 779.9% in the 1st quarter. SG Americas Securities LLC now owns 858,823 shares of the oil and gas exploration company’s stock worth $16,764,000 after buying an additional 761,219 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Trading Down 0.2 %

Shares of NOV stock opened at $18.92 on Friday. The stock has a fifty day moving average price of $18.85 and a 200-day moving average price of $19.06. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.50 and a quick ratio of 1.50. The firm has a market cap of $7.48 billion, a PE ratio of 7.60, a P/E/G ratio of 0.79 and a beta of 1.74. NOV has a 1 year low of $14.05 and a 1 year high of $21.91.

NOV (NYSE:NOV) last announced its quarterly earnings data on Thursday, April 25th. The oil and gas exploration company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.27 by $0.03. NOV had a net margin of 11.23% and a return on equity of 10.21%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the previous year, the firm posted $0.32 earnings per share. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. Equities research analysts anticipate that NOV will post 1.54 EPS for the current year.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.06%. NOV’s dividend payout ratio is currently 8.03%.

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.