NOV Inc. (NYSE:NOV – Get Rating) – Griffin Securities boosted their Q4 2022 earnings per share (EPS) estimates for NOV in a report released on Sunday, July 31st. Griffin Securities analyst K. Simpson now anticipates that the oil and gas exploration company will earn $0.21 per share for the quarter, up from their previous forecast of $0.14. Griffin Securities currently has a “Buy” rating and a $26.00 price objective on the stock. The consensus estimate for NOV’s current full-year earnings is $0.28 per share. Griffin Securities also issued estimates for NOV’s Q1 2023 earnings at $0.20 EPS, Q2 2023 earnings at $0.24 EPS, Q3 2023 earnings at $0.29 EPS, Q4 2023 earnings at $0.37 EPS and FY2023 earnings at $1.10 EPS.
Other analysts have also issued research reports about the company. Bank of America upgraded NOV from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $10.00 to $15.00 in a report on Friday, July 29th. Barclays raised their target price on shares of NOV from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 8th. The Goldman Sachs Group reduced their target price on shares of NOV from $18.00 to $16.00 and set a “sell” rating for the company in a research report on Wednesday, July 13th. Morgan Stanley upped their target price on NOV from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Friday, July 29th. Finally, Stifel Nicolaus upped their target price on NOV from $20.00 to $23.00 in a research note on Friday, April 8th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, NOV has an average rating of “Hold” and a consensus target price of $19.50.
NOV Price Performance
NOV Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, June 24th. Stockholders of record on Friday, June 10th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date was Thursday, June 9th. NOV’s payout ratio is -86.96%.
Insider Buying and Selling
In related news, Director Eric L. Mattson sold 9,819 shares of the company’s stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $19.15, for a total value of $188,033.85. Following the sale, the director now owns 67,281 shares in the company, valued at approximately $1,288,431.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.59% of the stock is owned by company insiders.
Hedge Funds Weigh In On NOV
A number of hedge funds and other institutional investors have recently made changes to their positions in NOV. Covestor Ltd raised its stake in shares of NOV by 94.4% in the first quarter. Covestor Ltd now owns 1,287 shares of the oil and gas exploration company’s stock valued at $25,000 after buying an additional 625 shares during the period. State of Michigan Retirement System increased its position in shares of NOV by 0.7% in the first quarter. State of Michigan Retirement System now owns 99,677 shares of the oil and gas exploration company’s stock worth $1,955,000 after purchasing an additional 677 shares during the last quarter. Crossmark Global Holdings Inc. raised its position in shares of NOV by 2.3% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 33,191 shares of the oil and gas exploration company’s stock valued at $562,000 after buying an additional 750 shares in the last quarter. CWM LLC boosted its holdings in shares of NOV by 133.7% in the 1st quarter. CWM LLC now owns 1,318 shares of the oil and gas exploration company’s stock worth $26,000 after purchasing an additional 754 shares in the last quarter. Finally, Captrust Financial Advisors boosted its stake in shares of NOV by 6.0% in the 1st quarter. Captrust Financial Advisors now owns 13,749 shares of the oil and gas exploration company’s stock valued at $270,000 after purchasing an additional 777 shares in the last quarter. 93.94% of the stock is owned by hedge funds and other institutional investors.
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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