Barclays Cuts NOV (NYSE:NOV) Price Target to $17.00

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

NOV has been the subject of several other research reports. Evercore ISI raised NOV to a “strong-buy” rating in a research note on Friday, July 26th. BMO Capital Markets lowered their price objective on shares of NOV from $22.00 to $20.00 and set a “market perform” rating for the company in a research report on Thursday, October 10th. Citigroup cut their target price on shares of NOV from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, October 3rd. Piper Sandler lowered their price target on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Finally, Wells Fargo & Company downgraded NOV from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $20.00 to $16.00 in a report on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.57.

NOV Stock Performance

NYSE NOV opened at $15.45 on Wednesday. The firm’s 50 day simple moving average is $16.73 and its 200 day simple moving average is $18.01. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of 6.20, a P/E/G ratio of 0.47 and a beta of 1.67. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. NOV has a 1 year low of $15.27 and a 1 year high of $21.23.

NOV (NYSE:NOV) last issued its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.22. NOV had a return on equity of 10.97% and a net margin of 11.88%. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the business posted $0.39 EPS. The company’s revenue was up 5.9% compared to the same quarter last year. As a group, research analysts expect that NOV will post 1.64 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business 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 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend was Friday, September 13th. NOV’s payout ratio is presently 12.05%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Boston Partners bought a new position in NOV during the first quarter worth $119,686,000. Bank of New York Mellon Corp grew its holdings in NOV by 67.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after acquiring an additional 3,989,095 shares during the period. Pzena Investment Management LLC raised its position in shares of NOV by 12.7% in the 1st quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock worth $684,618,000 after acquiring an additional 3,946,504 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of NOV by 40.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after purchasing an additional 3,470,860 shares during the period. Finally, AQR Capital Management LLC grew its stake in NOV by 232.6% during the second quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock worth $92,938,000 after purchasing an additional 3,418,885 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

About NOV

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.