NOV (NYSE:NOV) Price Target Cut to $14.00 by Analysts at Piper Sandler

NOV (NYSE:NOV) had its target price reduced by Piper Sandler from $16.00 to $14.00 in a research report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the oil and gas exploration company’s stock.

Several other analysts have also recently commented on NOV. Morgan Stanley lowered their target price on shares of NOV from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Wells Fargo & Company reduced their target price on shares of NOV from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Thursday, June 5th. JPMorgan Chase & Co. lowered shares of NOV from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $17.00 to $15.00 in a report on Wednesday, July 30th. Evercore ISI reduced their target price on shares of NOV from $15.00 to $14.00 and set an “in-line” rating on the stock in a report on Wednesday, July 30th. Finally, Susquehanna set a $17.00 target price on shares of NOV and gave the company a “positive” rating in a report on Wednesday, July 30th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $16.56.

NOV Trading Up 0.0%

Shares of NOV stock opened at $12.35 on Thursday. The company has a market capitalization of $4.58 billion, a P/E ratio of 10.12, a P/E/G ratio of 3.39 and a beta of 1.32. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.58 and a quick ratio of 1.72. NOV has a 1 year low of $10.84 and a 1 year high of $18.40. The business has a 50 day moving average price of $13.02 and a 200 day moving average price of $13.40.

NOV (NYSE:NOV) last released its earnings results on Monday, July 28th. The oil and gas exploration company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. NOV had a return on equity of 7.25% and a net margin of 5.36%. The firm’s revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. Sell-side analysts anticipate that NOV will post 1.4 EPS for the current fiscal year.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.4%. NOV’s dividend payout ratio is currently 24.59%.

Institutional Trading of NOV

A number of institutional investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise acquired a new stake in NOV during the first quarter valued at approximately $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of NOV in the 1st quarter valued at $36,000. CX Institutional acquired a new stake in shares of NOV in the 1st quarter valued at $42,000. CoreFirst Bank & Trust acquired a new stake in shares of NOV in the 2nd quarter valued at $35,000. Finally, Quarry LP lifted its stake in shares of NOV by 119.7% in the 1st quarter. Quarry LP now owns 3,407 shares of the oil and gas exploration company’s stock valued at $52,000 after purchasing an additional 1,856 shares during the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

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.