NOV (NYSE:NOV) Stock Rating Lowered by JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of NOV (NYSE:NOV) from an overweight rating to a neutral rating in a research note published on Wednesday morning, Marketbeat.com reports. They currently have $15.00 price objective on the oil and gas exploration company’s stock, down from their previous price objective of $17.00.

Several other equities analysts have also commented on the stock. Susquehanna dropped their price target on shares of NOV from $19.00 to $18.00 and set a “positive” rating for the company in a research report on Tuesday, July 1st. Piper Sandler dropped their price target on shares of NOV from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. The Goldman Sachs Group dropped their price target on shares of NOV from $16.00 to $13.00 and set a “sell” rating for the company in a research report on Thursday, April 10th. Stifel Nicolaus dropped their price objective on shares of NOV from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company dropped their price objective on shares of NOV from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Thursday, June 5th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, NOV has a consensus rating of “Hold” and a consensus price target of $16.69.

NOV Stock Performance

NYSE:NOV opened at $12.79 on Wednesday. The firm has a 50 day simple moving average of $13.03 and a 200-day simple moving average of $13.63. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.58 and a quick ratio of 1.76. The firm has a market cap of $4.81 billion, a PE ratio of 10.48, a P/E/G ratio of 3.44 and a beta of 1.28. NOV has a 1-year low of $10.84 and a 1-year high of $21.20.

NOV (NYSE:NOV) last posted its quarterly earnings data on Monday, July 28th. The oil and gas exploration company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). NOV had a net margin of 5.36% and a return on equity of 7.25%. The firm had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the firm earned $0.57 EPS. The business’s quarterly revenue was down 1.3% on a year-over-year basis. On average, equities analysts expect that NOV will post 1.4 EPS for the current year.

NOV Announces Dividend

The company also recently declared a dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, June 3rd were issued a dividend of $0.21 per share. This represents a yield of 3.63%. The ex-dividend date of this dividend was Monday, June 2nd. NOV’s payout ratio is 20.00%.

Institutional Investors Weigh In On NOV

A number of large investors have recently added to or reduced their stakes in NOV. Banque Cantonale Vaudoise bought a new position in NOV during the 1st quarter valued at $25,000. Huntington National Bank boosted its stake in NOV by 88.7% during the 4th quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company’s stock valued at $32,000 after acquiring an additional 1,034 shares during the last quarter. Covestor Ltd lifted its position in NOV by 282.9% in the 4th quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company’s stock valued at $33,000 after purchasing an additional 1,655 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in NOV in the 1st quarter valued at about $36,000. Finally, CX Institutional bought a new stake in NOV in the 1st quarter valued at about $42,000. 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.