NOV (NYSE:NOV) PT Lowered to $20.00 at Bank of America

NOV (NYSE:NOV) had its price target lowered by Bank of America from $22.00 to $20.00 in a research note issued to investors on Monday morning, Benzinga reports. The firm currently has a buy rating on the oil and gas exploration company’s stock.

Several other brokerages have also issued reports on NOV. Susquehanna cut their price target on NOV from $26.00 to $22.00 and set a “positive” rating on the stock in a research note on Friday, October 11th. TD Cowen raised their target price on NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Benchmark restated a “hold” rating on shares of NOV in a report on Friday, July 26th. Royal Bank of Canada restated a “sector perform” rating and set a $24.00 target price on shares of NOV in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. reduced their target price on NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, NOV has a consensus rating of “Moderate Buy” and a consensus price target of $22.57.

NOV Trading Up 0.0 %

Shares of NOV opened at $15.69 on Monday. 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 capitalization of $6.20 billion, a PE ratio of 6.30, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67. The stock’s fifty day simple moving average is $16.83 and its 200-day simple moving average is $18.07.

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, beating the consensus estimate of $0.35 by $0.22. NOV had a return on equity of 10.97% and a net margin of 11.88%. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the firm posted $0.39 earnings per share. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, research analysts predict that NOV will post 1.64 earnings per share for the current year.

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend was Friday, September 13th. NOV’s dividend payout ratio (DPR) is presently 12.05%.

Hedge Funds Weigh In On NOV

Several institutional investors have recently modified their holdings of NOV. Rise Advisors LLC bought a new position in shares of NOV during the 1st quarter valued at about $26,000. Rothschild Investment LLC acquired a new stake in NOV in the 2nd quarter valued at approximately $28,000. Riverview Trust Co acquired a new stake in NOV in the 1st quarter valued at approximately $39,000. American National Bank & Trust acquired a new stake in NOV in the 3rd quarter valued at approximately $39,000. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in NOV in the 2nd quarter valued at 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.