NOV Inc. (NYSE:NOV) Stock Has Consensus Price Target of $21.23

NOV Inc. (NYSE:NOV) has earned a consensus recommendation of “Hold” from the sixteen analysts that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $21.23.

Several equities analysts recently issued reports on the company. TD Cowen boosted their price target on NOV from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Zacks Research cut shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 26th. Citigroup cut their price objective on shares of NOV from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, September 30th. Susquehanna raised their target price on shares of NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a research note on Thursday, July 30th. Finally, Morgan Stanley set a $21.00 target price on shares of NOV in a report on Wednesday, July 15th.

NOV Stock Up 5.7%

Shares of NYSE:NOV opened at $19.83 on Wednesday. The stock has a market cap of $7.07 billion, a P/E ratio of 76.28 and a beta of 0.97. The firm has a fifty day moving average price of $20.05 and a 200 day moving average price of $19.90. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.61. NOV has a 1-year low of $13.84 and a 1-year high of $21.93.

NOV (NYSE:NOV) last issued its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.14. NOV had a net margin of 1.10% and a return on equity of 3.44%. The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same period last year, the firm posted $0.29 EPS. NOV’s revenue for the quarter was down 2.5% on a year-over-year basis. Sell-side analysts predict that NOV will post 0.99 EPS for the current year.

NOV Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 11th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, September 11th. NOV’s dividend payout ratio is currently 138.46%.

Insider Buying and Selling

In related news, Director David Harrison sold 9,594 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the completion of the sale, the director owned 126,763 shares in the company, valued at $2,435,117.23. This trade represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.15% of the stock is currently owned by insiders.

Institutional Trading of NOV

Several hedge funds have recently modified their holdings of the business. Wealthfront Advisers LLC acquired a new stake in shares of NOV in the 2nd quarter worth approximately $1,281,000. California State Teachers Retirement System increased its stake in NOV by 20.4% in the 1st quarter. California State Teachers Retirement System now owns 422,834 shares of the oil and gas exploration company’s stock valued at $7,954,000 after purchasing an additional 71,754 shares in the last quarter. J. Goldman & Co LP purchased a new position in NOV in the 2nd quarter valued at approximately $1,354,000. Public Employees Retirement System of Ohio acquired a new position in NOV during the second quarter worth $2,052,000. Finally, The Manufacturers Life Insurance Company acquired a new position in NOV during the second quarter worth $4,726,000. 93.27% of the stock is owned by institutional investors and hedge funds.

About NOV

NOV Inc (NYSE: NOV) is a Houston-based technology and equipment provider serving the global energy industry. The company develops and manufactures products and systems used in oil and natural gas drilling, well construction, completion and production operations.

Its offerings include land and offshore drilling rigs, rig equipment and components, downhole tools, drill pipe, wellbore technologies, pressure-control systems, and equipment used to enhance production. NOV also provides aftermarket parts, technical support, maintenance and other services designed to help energy companies operate and maintain their equipment.

The company was formed in 2005 through the merger of National Oilwell and Varco International, building on businesses with much longer histories in the oilfield equipment industry.