NOV (NYSE:NOV) Given New $17.00 Price Target at Barclays

NOV (NYSE:NOV) had its target price decreased by Barclays from $20.00 to $17.00 in a research report released on Wednesday, Benzinga reports. Barclays currently has an underweight rating on the oil and gas exploration company’s stock.

Several other research firms also recently weighed in on NOV. Evercore ISI raised NOV to a “strong-buy” rating in a research report on Friday, July 26th. Stifel Nicolaus dropped their price objective on NOV from $26.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Royal Bank of Canada restated a “sector perform” rating and issued a $24.00 target price on shares of NOV in a report on Monday, July 29th. JPMorgan Chase & Co. reduced their target price on shares of NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. Finally, Citigroup cut their price objective on shares of NOV from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.57.

NOV Trading Up 0.0 %

NYSE:NOV opened at $15.69 on Wednesday. NOV has a 52-week low of $15.47 and a 52-week high of $21.53. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. The stock has a fifty day simple moving average of $16.83 and a 200-day simple moving average of $18.07. The company has a market capitalization of $6.20 billion, a PE ratio of 6.30, a price-to-earnings-growth ratio of 0.47 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 earnings per share. On average, equities research analysts expect that NOV will post 1.64 earnings per share for the current fiscal year.

NOV Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date was Friday, September 13th. NOV’s payout ratio is currently 12.05%.

Institutional Investors Weigh In On NOV

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its holdings in shares of NOV by 95.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock worth $17,846,000 after purchasing an additional 429,104 shares during the period. Wintrust Investments LLC grew its stake in NOV by 631.6% during the first quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock worth $1,600,000 after buying an additional 70,743 shares during the period. Stanley Laman Group Ltd. acquired a new stake in shares of NOV in the second quarter worth $4,031,000. Allspring Global Investments Holdings LLC raised its stake in shares of NOV by 1.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock valued at $75,813,000 after acquiring an additional 42,717 shares during the period. Finally, Deprince Race & Zollo Inc. lifted its holdings in shares of NOV by 1,194.1% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,706,017 shares of the oil and gas exploration company’s stock valued at $32,431,000 after acquiring an additional 1,574,188 shares in the last quarter. 93.27% of the stock is currently 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.