NOV (NYSE:NOV) Given New $28.00 Price Target at TD Cowen

NOV (NYSE:NOV) had its price target raised by TD Cowen from $27.00 to $28.00 in a research report report published on Monday, Marketbeat Ratings reports. The firm 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. Susquehanna reiterated a positive rating and set a $26.00 target price on shares of NOV in a report on Monday, April 8th. Piper Sandler dropped their price objective on NOV from $22.00 to $20.00 and set a neutral rating for the company in a report on Monday, July 15th. Bank of America decreased their target price on NOV from $24.00 to $22.00 and set a buy rating for the company in a report on Monday, July 15th. Finally, Benchmark reaffirmed a hold rating on shares of NOV in a research note on Friday, July 26th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $24.08.

NOV Price Performance

Shares of NOV stock opened at $19.60 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. NOV has a one year low of $16.77 and a one year high of $21.91. The business’s 50 day simple moving average is $18.49 and its two-hundred day simple moving average is $18.63. The stock has a market capitalization of $7.72 billion, a P/E ratio of 7.87, a price-to-earnings-growth ratio of 0.62 and a beta of 1.70.

NOV (NYSE:NOV) last issued its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.35 by $0.22. The company had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 earnings per share. Analysts forecast that NOV will post 1.61 EPS for the current year.

NOV Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.075 per share. This is a positive change from NOV’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.30 dividend on an annualized basis and a yield of 1.53%. NOV’s dividend payout ratio is presently 12.05%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NOV. Pzena Investment Management LLC grew its stake in 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 acquiring an additional 3,946,504 shares during the period. Bank of New York Mellon Corp lifted its stake in NOV by 67.2% during the second 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 purchasing an additional 3,989,095 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in shares of NOV by 769.1% in the fourth 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 buying an additional 5,456,581 shares in the last quarter. Boston Partners purchased a new stake in shares of NOV in the 1st quarter valued at $119,686,000. Finally, Van ECK Associates Corp lifted its stake in NOV by 4.2% during the 4th quarter. Van ECK Associates Corp now owns 5,687,556 shares of the oil and gas exploration company’s stock worth $115,343,000 after acquiring an additional 231,464 shares in 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.