NOV (NYSE:NOV) Shares Gap Up After Analyst Upgrade

NOV Inc. (NYSE:NOVGet Rating)’s stock price gapped up before the market opened on Friday after Morgan Stanley raised their price target on the stock from $18.00 to $19.00. The stock had previously closed at $16.92, but opened at $17.57. Morgan Stanley currently has an equal weight rating on the stock. NOV shares last traded at $17.57, with a volume of 37,396 shares trading hands.

Several other research firms have also recently issued reports on NOV. Griffin Securities raised NOV from a “neutral” rating to a “buy” rating and set a $26.00 target price on the stock in a research note on Monday, May 2nd. StockNews.com initiated coverage on NOV in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Wells Fargo & Company lifted their price objective on NOV from $14.00 to $16.00 and gave the company an “underweight” rating in a research report on Thursday, March 31st. The Goldman Sachs Group cut their price objective on NOV from $18.00 to $16.00 and set a “sell” rating on the stock in a research report on Wednesday, July 13th. Finally, Barclays lifted their price objective on NOV from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 8th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, NOV currently has a consensus rating of “Hold” and a consensus price target of $19.50.

Insider Transactions at NOV

In other news, Director Eric L. Mattson sold 9,819 shares of the business’s stock in a transaction that occurred on Wednesday, May 25th. The stock was sold at an average price of $19.15, for a total value of $188,033.85. Following the sale, the director now directly owns 67,281 shares of the company’s stock, valued at approximately $1,288,431.15. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.59% of the company’s stock.

Hedge Funds Weigh In On NOV

Hedge funds have recently added to or reduced their stakes in the company. Chilton Capital Management LLC purchased a new position in NOV in the 4th quarter worth approximately $163,000. Wetherby Asset Management Inc. raised its stake in NOV by 41.3% during the 4th quarter. Wetherby Asset Management Inc. now owns 14,835 shares of the oil and gas exploration company’s stock valued at $201,000 after buying an additional 4,335 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in NOV during the 4th quarter valued at $252,000. Envestnet Asset Management Inc. raised its stake in NOV by 20.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 99,423 shares of the oil and gas exploration company’s stock valued at $1,347,000 after buying an additional 17,155 shares during the last quarter. Finally, Retirement Systems of Alabama raised its stake in NOV by 0.7% during the 1st quarter. Retirement Systems of Alabama now owns 515,219 shares of the oil and gas exploration company’s stock valued at $10,103,000 after buying an additional 3,618 shares during the last quarter. 93.94% of the stock is currently owned by hedge funds and other institutional investors.

NOV Stock Performance

The firm has a market capitalization of $7.31 billion, a PE ratio of -38.77 and a beta of 1.88. The company has a current ratio of 2.50, a quick ratio of 1.77 and a debt-to-equity ratio of 0.34. The business’s 50 day simple moving average is $17.40 and its two-hundred day simple moving average is $17.97.

NOV (NYSE:NOVGet Rating) last announced its earnings results on Thursday, April 28th. The oil and gas exploration company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.53 billion. NOV had a negative net margin of 3.18% and a negative return on equity of 2.54%. Research analysts expect that NOV Inc. will post 0.28 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Friday, June 10th were paid a dividend of $0.05 per share. The ex-dividend date was Thursday, June 9th. This represents a $0.20 dividend on an annualized basis and a yield of 1.07%. NOV’s dividend payout ratio is presently -41.67%.

About NOV

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NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

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