NOV (NYSE:NOV) Price Target Increased to $20.00 by Analysts at Barclays

NOV (NYSE:NOV) had its price objective hoisted by Barclays from $17.00 to $20.00 in a research note released on Tuesday morning, Benzinga reports. The firm currently has an underweight rating on the oil and gas exploration company’s stock.

Other equities analysts have also issued research reports about the company. Evercore ISI raised NOV to a strong-buy rating in a research note on Friday, July 26th. Bank of America reduced their price target on NOV from $24.00 to $22.00 and set a buy rating on the stock in a research report on Monday, July 15th. Susquehanna reaffirmed a positive rating and issued a $26.00 price target on shares of NOV in a research report on Monday, April 8th. TD Cowen increased their price target on NOV from $27.00 to $28.00 and gave the company a buy rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada reaffirmed a sector perform rating and issued a $24.00 price target on shares of NOV in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $24.08.

NOV Stock Performance

NYSE NOV opened at $18.69 on Tuesday. The stock has a fifty day simple moving average of $18.50 and a 200-day simple moving average of $18.62. NOV has a twelve month low of $16.77 and a twelve month high of $21.91. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. The stock has a market cap of $7.39 billion, a PE ratio of 7.51, a P/E/G ratio of 0.63 and a beta of 1.70.

NOV (NYSE:NOV) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $2.19 billion. During the same quarter in the prior year, the company earned $0.39 EPS. NOV’s revenue was up 5.9% on a year-over-year basis. Equities analysts anticipate that NOV will post 1.61 earnings per share for the current year.

NOV Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date was Friday, June 14th. This is an increase from NOV’s previous quarterly dividend of $0.05. NOV’s dividend payout ratio (DPR) is currently 12.05%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NOV. Boston Partners purchased a new position in NOV during the 1st quarter worth approximately $119,686,000. Balyasny Asset Management L.P. grew its stake in shares of NOV by 769.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock valued at $125,048,000 after purchasing an additional 5,456,581 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of NOV by 67.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock valued at $188,749,000 after purchasing an additional 3,989,095 shares during the last quarter. Pzena Investment Management LLC grew its stake 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 valued at $684,618,000 after purchasing an additional 3,946,504 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of NOV by 779.9% in the 1st quarter. SG Americas Securities LLC now owns 858,823 shares of the oil and gas exploration company’s stock valued at $16,764,000 after purchasing an additional 761,219 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.