NOV (NYSE:NOV) Price Target Raised to $23.00 at Stifel Nicolaus

NOV (NYSE:NOV) had its target price upped by Stifel Nicolaus from $21.00 to $23.00 in a report released on Monday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the oil and gas exploration company’s stock.

NOV has been the subject of several other research reports. TD Cowen downgraded shares of NOV from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 10th. Morgan Stanley lifted their target price on NOV from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. Citigroup lifted their target price on NOV from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Wednesday, February 11th. Piper Sandler lifted their target price on NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Finally, BMO Capital Markets lifted their target price on NOV from $19.00 to $20.00 and gave the company a “market perform” rating in a research note on Monday, February 9th. Three analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, NOV has an average rating of “Hold” and an average target price of $19.07.

NOV Trading Up 0.3%

Shares of NOV stock opened at $19.16 on Monday. The company has a market capitalization of $6.91 billion, a P/E ratio of 50.41 and a beta of 0.94. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.42. The company has a fifty day moving average of $19.26 and a 200 day moving average of $17.04. NOV has a fifty-two week low of $11.44 and a fifty-two week high of $20.85.

NOV (NYSE:NOV) last issued its earnings results on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.23). The firm had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.17 billion. NOV had a return on equity of 3.57% and a net margin of 1.66%.The company’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 EPS. On average, sell-side analysts anticipate that NOV will post 1 earnings per share for the current fiscal year.

NOV Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 13th were paid a dividend of $0.09 per share. This is a boost from NOV’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.36 annualized dividend and a yield of 1.9%. NOV’s dividend payout ratio is 94.74%.

Insider Buying and Selling

In other NOV news, VP Craig L. Weinstock sold 70,000 shares of NOV stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.08, for a total value of $1,405,600.00. Following the sale, the vice president owned 256,319 shares of the company’s stock, valued at $5,146,885.52. The trade was a 21.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Joseph W. Rovig sold 151,086 shares of NOV stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.17, for a total value of $3,047,404.62. Following the completion of the sale, the insider directly owned 269,694 shares in the company, valued at approximately $5,439,727.98. The trade was a 35.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.85% of the company’s stock.

Institutional Trading of NOV

Large investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in NOV in the 4th quarter worth approximately $28,000. CIBC Private Wealth Group LLC increased its stake in NOV by 659.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company’s stock worth $36,000 after acquiring an additional 1,978 shares during the last quarter. Rothschild Investment LLC increased its stake in NOV by 50.1% in the 4th quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company’s stock worth $37,000 after acquiring an additional 780 shares during the last quarter. Allworth Financial LP increased its stake in NOV by 37.9% in the 4th quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company’s stock worth $40,000 after acquiring an additional 709 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in shares of NOV by 114.1% in the 3rd quarter. UMB Bank n.a. now owns 3,109 shares of the oil and gas exploration company’s stock worth $41,000 after purchasing an additional 1,657 shares during the period. Institutional investors own 93.27% of the company’s stock.

NOV Company Profile

National Oilwell Varco (NYSE: NOV) is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV’s business is organized to serve upstream energy companies around the world.