Analysts Set NOV Inc. (NYSE:NOV) Price Target at $19.60

NOV Inc. (NYSE:NOV) has been given an average recommendation of “Hold” by the eighteen research firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $19.60.

A number of brokerages have recently issued reports on NOV. Raymond James increased their target price on NOV from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Piper Sandler increased their price objective on NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Seaport Res Ptn lowered shares of NOV from a “strong-buy” rating to a “hold” rating in a research report on Sunday, January 5th. Evercore ISI reiterated an “in-line” rating and issued a $18.00 price target (down previously from $25.00) on shares of NOV in a report on Wednesday, January 15th. Finally, ATB Capital reissued a “sector perform” rating and set a $19.00 price objective on shares of NOV in a report on Tuesday, December 10th.

NOV Stock Performance

Shares of NOV opened at $15.27 on Tuesday. The stock has a market capitalization of $5.81 billion, a P/E ratio of 9.48, a P/E/G ratio of 1.02 and a beta of 1.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.64 and a current ratio of 2.46. NOV has a 1 year low of $13.78 and a 1 year high of $21.20. The company’s fifty day moving average is $15.01 and its two-hundred day moving average is $15.40.

NOV (NYSE:NOV) last issued its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. NOV had a net margin of 7.16% and a return on equity of 9.88%. On average, sell-side analysts predict that NOV will post 1.4 earnings per share for the current year.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Friday, March 14th. NOV’s payout ratio is 18.63%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NOV. Victory Capital Management Inc. raised its position in shares of NOV by 32.2% in the third quarter. Victory Capital Management Inc. now owns 109,984 shares of the oil and gas exploration company’s stock valued at $1,756,000 after buying an additional 26,792 shares during the last quarter. Quest Partners LLC acquired a new position in NOV in the 3rd quarter valued at $96,000. Charles Schwab Investment Management Inc. lifted its stake in shares of NOV by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,927,965 shares of the oil and gas exploration company’s stock worth $46,760,000 after purchasing an additional 55,056 shares during the period. Cerity Partners LLC boosted its holdings in shares of NOV by 5.4% during the third quarter. Cerity Partners LLC now owns 64,240 shares of the oil and gas exploration company’s stock worth $1,026,000 after purchasing an additional 3,274 shares during the last quarter. Finally, Algert Global LLC grew its position in shares of NOV by 17.6% in the third quarter. Algert Global LLC now owns 266,014 shares of the oil and gas exploration company’s stock valued at $4,248,000 after purchasing an additional 39,780 shares during the period. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

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.