NOV (NYSE:NOV – Free Report) had its price target reduced by Citigroup from $24.00 to $21.00 in a research report sent to investors on Thursday morning, Benzinga reports. Citigroup currently has a buy rating on the oil and gas exploration company’s stock.
NOV has been the subject of a number of other reports. Evercore ISI raised shares of NOV to a strong-buy rating in a research report on Friday, July 26th. JPMorgan Chase & Co. reduced their price objective on shares of NOV from $23.00 to $22.00 and set an overweight rating for the company in a research note on Thursday. Barclays increased their target price on shares of NOV from $17.00 to $20.00 and gave the stock an underweight rating in a research report on Tuesday, July 30th. Benchmark reaffirmed a hold rating on shares of NOV in a research report on Friday, July 26th. Finally, Morgan Stanley lowered their price objective on NOV from $25.00 to $23.00 and set an overweight rating on the stock in a report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $23.54.
Read Our Latest Stock Analysis on NOV
NOV Price Performance
NOV (NYSE:NOV – Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share 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 the consensus estimate of $2.19 billion. NOV had a return on equity of 10.97% and a net margin of 11.88%. The business’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the business earned $0.39 EPS. As a group, sell-side analysts predict that NOV will post 1.63 earnings per share for the current fiscal year.
NOV Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend was Friday, September 13th. NOV’s dividend payout ratio is currently 12.05%.
Institutional Investors Weigh In On NOV
Several hedge funds have recently modified their holdings of the business. Rise Advisors LLC bought a new position in NOV during the first quarter worth $26,000. Rothschild Investment LLC acquired a new stake in NOV in the 2nd quarter worth $28,000. Riverview Trust Co bought a new position in shares of NOV during the 1st quarter worth about $39,000. American National Bank & Trust acquired a new position in shares of NOV during the third quarter valued at about $39,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in shares of NOV in the second quarter valued at about $78,000. 93.27% of the stock is owned by 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.
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