Brokerages Set NOV Inc. (NYSE:NOV) Price Target at $24.36

NOV Inc. (NYSE:NOV) has received a consensus recommendation of “Hold” from the fifteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $24.36.

A number of analysts have recently weighed in on NOV shares. StockNews.com upgraded shares of NOV from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Susquehanna restated a “positive” rating and issued a $26.00 price target on shares of NOV in a report on Monday. ATB Capital set a $33.00 price target on shares of NOV and gave the company an “outperform” rating in a report on Friday, December 22nd. Benchmark cut shares of NOV from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Finally, TD Cowen lowered their target price on shares of NOV from $31.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, February 5th.

NOV Stock Down 0.9 %

Shares of NOV stock opened at $20.09 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.40 and a quick ratio of 1.51. NOV has a 1 year low of $14.05 and a 1 year high of $21.91. The firm’s 50-day moving average is $18.26 and its two-hundred day moving average is $19.27. The stock has a market cap of $7.95 billion, a price-to-earnings ratio of 8.00, a PEG ratio of 0.38 and a beta of 1.74.

NOV (NYSE:NOV) last released its quarterly earnings results on Friday, February 2nd. The oil and gas exploration company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $1.10. NOV had a net margin of 11.57% and a return on equity of 10.79%. The business had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same period last year, the business earned $0.26 EPS. The company’s revenue was up 13.0% compared to the same quarter last year. As a group, research analysts expect that NOV will post 1.54 earnings per share for the current fiscal year.

NOV Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend was Wednesday, March 13th. NOV’s dividend payout ratio is presently 7.97%.

Insiders Place Their Bets

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $17.43, for a total transaction of $61,005.00. Following the completion of the transaction, the chief accounting officer now directly owns 114,212 shares of the company’s stock, valued at approximately $1,990,715.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.77% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NOV

A number of institutional investors have recently bought and sold shares of NOV. CENTRAL TRUST Co increased its holdings in shares of NOV by 85.4% during the 3rd quarter. CENTRAL TRUST Co now owns 1,259 shares of the oil and gas exploration company’s stock valued at $26,000 after purchasing an additional 580 shares in the last quarter. Covestor Ltd increased its holdings in shares of NOV by 94.4% during the 1st quarter. Covestor Ltd now owns 1,287 shares of the oil and gas exploration company’s stock valued at $25,000 after purchasing an additional 625 shares in the last quarter. Rise Advisors LLC purchased a new position in shares of NOV during the 1st quarter valued at approximately $26,000. Acadian Asset Management LLC purchased a new position in shares of NOV during the 1st quarter valued at approximately $34,000. Finally, Bruce G. Allen Investments LLC purchased a new position in shares of NOV during the 4th quarter valued at approximately $49,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.