NOV (NYSE:NOV) Price Target Cut to $21.00 by Analysts at Citigroup

NOV (NYSE:NOV) had its price target lowered by Citigroup from $24.00 to $21.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the oil and gas exploration company’s stock.

Several other equities research analysts have also recently commented on the company. Wells Fargo & Company cut NOV from an equal weight rating to an underweight rating and lowered their price target for the company from $20.00 to $16.00 in a research note on Wednesday, September 25th. Benchmark reaffirmed a hold rating on shares of NOV in a research note on Friday, July 26th. Piper Sandler lowered their target price on shares of NOV from $22.00 to $20.00 and set a neutral rating on the stock in a research report on Monday, July 15th. Bank of America reduced their price target on NOV from $24.00 to $22.00 and set a buy rating for the company in a research report on Monday, July 15th. Finally, JPMorgan Chase & Co. lowered their price objective on NOV from $23.00 to $22.00 and set an overweight rating on the stock in a report on Thursday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $23.54.

NOV Stock Performance

Shares of NOV opened at $16.59 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The firm’s 50 day moving average is $17.30 and its 200-day moving average is $18.25. NOV has a 12-month low of $15.47 and a 12-month high of $21.53. The stock has a market capitalization of $6.56 billion, a P/E ratio of 6.66, a P/E/G ratio of 0.50 and a beta of 1.67.

NOV (NYSE:NOV) last announced its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.35 by $0.22. The company had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period last year, the company posted $0.39 earnings per share. Equities research analysts anticipate that NOV will post 1.63 EPS for the current fiscal year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.81%. The ex-dividend date was Friday, September 13th. NOV’s payout ratio is presently 12.05%.

Institutional Trading of NOV

Several institutional investors have recently modified their holdings of NOV. Pzena Investment Management LLC boosted its stake in NOV by 0.3% during the second quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock worth $668,694,000 after buying an additional 103,238 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of NOV by 40.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after acquiring an additional 3,470,860 shares in the last quarter. Bank of New York Mellon Corp increased its stake in NOV by 67.2% in the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock valued at $188,749,000 after acquiring an additional 3,989,095 shares during the period. Balyasny Asset Management L.P. raised its position in NOV by 769.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock worth $125,048,000 after purchasing an additional 5,456,581 shares in the last quarter. Finally, Boston Partners bought a new position in NOV during the first quarter worth about $119,686,000. Institutional investors and hedge funds 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.