NOV (NYSE:NOV) Given New $22.00 Price Target at Royal Bank of Canada

NOV (NYSE:NOV) had its price target raised by Royal Bank of Canada from $21.00 to $22.00 in a research report sent to investors on Thursday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the oil and gas exploration company’s stock.

Several other research analysts also recently weighed in on the stock. Barclays decreased their price target on shares of NOV from $16.00 to $12.00 and set an “underweight” rating on the stock in a research report on Wednesday, December 18th. BMO Capital Markets decreased their price objective on shares of NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research report on Thursday, October 10th. ATB Capital restated a “sector perform” rating and set a $19.00 price objective on shares of NOV in a research report on Tuesday, December 10th. Bank of America decreased their price objective on shares of NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Finally, Piper Sandler assumed coverage on shares of NOV in a research report on Thursday, December 19th. They set a “neutral” rating and a $17.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, NOV currently has a consensus rating of “Hold” and an average price target of $19.47.

NOV Trading Down 5.9 %

Shares of NOV stock opened at $15.46 on Thursday. NOV has a 12-month low of $13.94 and a 12-month high of $21.20. 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 firm’s 50 day moving average is $14.92 and its 200 day moving average is $16.15. The stock has a market capitalization of $6.01 billion, a P/E ratio of 5.70, a P/E/G ratio of 0.93 and a beta of 1.64.

NOV (NYSE:NOV) last released its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.06. NOV had a net margin of 12.05% and a return on equity of 10.82%. Research analysts expect that NOV will post 1.53 earnings per share for the current year.

NOV Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were paid a $0.075 dividend. The ex-dividend date was Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.94%. NOV’s payout ratio is currently 11.07%.

Insiders Place Their Bets

In other NOV news, Director David D. Harrison sold 1,784 shares of NOV stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the completion of the transaction, the director now directly owns 110,951 shares of the company’s stock, valued at $1,786,311.10. This trade represents a 1.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On NOV

Institutional investors and hedge funds have recently made changes to their positions in the business. UMB Bank n.a. grew its stake in shares of NOV by 222.3% in the 4th quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock worth $34,000 after buying an additional 1,612 shares in the last quarter. Quarry LP purchased a new position in shares of NOV during the 3rd quarter worth about $36,000. R Squared Ltd purchased a new position in shares of NOV during the 4th quarter worth about $44,000. International Assets Investment Management LLC boosted its stake in shares of NOV by 1,590.1% during the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 2,735 shares during the period. Finally, Brooklyn Investment Group purchased a new position in shares of NOV during the 3rd quarter worth about $48,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.