NOV (NYSE:NOV) Price Target Cut to $16.00 by Analysts at Barclays

NOV (NYSE:NOV) had its price target lowered by Barclays from $17.00 to $16.00 in a report published on Tuesday, Benzinga reports. The firm currently has an underweight rating on the oil and gas exploration company’s stock.

NOV has been the topic of several other research reports. Evercore ISI upgraded shares of NOV to a “strong-buy” rating in a report on Friday, July 26th. Piper Sandler lowered their price objective on NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Wells Fargo & Company lowered NOV from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $20.00 to $16.00 in a research report on Wednesday, September 25th. Royal Bank of Canada restated a “sector perform” rating and issued a $24.00 price objective on shares of NOV in a research report on Monday, July 29th. Finally, Bank of America lowered their price objective on NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.93.

NOV Price Performance

Shares of NYSE:NOV opened at $15.19 on Tuesday. NOV has a twelve month low of $14.98 and a twelve month high of $21.23. The company’s 50 day moving average is $16.26 and its 200 day moving average is $17.70. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. The company has a market cap of $5.91 billion, a PE ratio of 5.60, a price-to-earnings-growth ratio of 0.89 and a beta of 1.67.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a dividend of $0.075 per share. The ex-dividend date was Friday, September 13th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.98%. NOV’s dividend payout ratio (DPR) is 11.07%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wintrust Investments LLC lifted its holdings in NOV by 631.6% in the 1st quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock valued at $1,600,000 after purchasing an additional 70,743 shares in the last quarter. Stanley Laman Group Ltd. purchased a new position in NOV in the 2nd quarter valued at $4,031,000. Allspring Global Investments Holdings LLC lifted its holdings in NOV by 1.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock valued at $75,813,000 after purchasing an additional 42,717 shares in the last quarter. Deprince Race & Zollo Inc. lifted its holdings in NOV by 1,194.1% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,706,017 shares of the oil and gas exploration company’s stock valued at $32,431,000 after purchasing an additional 1,574,188 shares in the last quarter. Finally, WINTON GROUP Ltd lifted its holdings in NOV by 1,866.3% in the 2nd quarter. WINTON GROUP Ltd now owns 841,078 shares of the oil and gas exploration company’s stock valued at $15,989,000 after purchasing an additional 798,303 shares in the last quarter. Hedge funds and other institutional investors 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.