NOV (NYSE:NOV) Rating Increased to Outperform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of NOV (NYSE:NOV) from a sector perform rating to an outperform rating in a report published on Monday morning, Marketbeat reports. Royal Bank of Canada currently has $22.00 target price on the oil and gas exploration company’s stock.

Several other equities research analysts have also issued reports on the stock. Piper Sandler lifted their target price on shares of NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Atb Cap Markets downgraded shares of NOV from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. ATB Capital reiterated a “sector perform” rating and issued a $19.00 target price on shares of NOV in a research report on Tuesday, December 10th. Barclays raised their price target on NOV from $12.00 to $13.00 and gave the company an “underweight” rating in a research report on Tuesday, February 18th. Finally, Seaport Res Ptn cut NOV from a “strong-buy” rating to a “hold” rating in a report on Sunday, January 5th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, NOV presently has an average rating of “Hold” and an average price target of $19.60.

NOV Trading Up 3.3 %

NOV stock opened at $15.13 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.64 and a current ratio of 2.46. NOV has a fifty-two week low of $13.78 and a fifty-two week high of $21.20. The stock has a market cap of $5.76 billion, a P/E ratio of 9.40, a PEG ratio of 1.02 and a beta of 1.66. The firm’s fifty day moving average price is $14.99 and its 200-day moving average price is $15.41.

NOV (NYSE:NOV) last announced its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. Equities research analysts forecast that NOV will post 1.4 earnings per share for the current fiscal year.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, March 14th. NOV’s payout ratio is 18.63%.

Institutional Trading of NOV

A number of institutional investors have recently modified their holdings of the company. Mariner LLC raised its position in NOV by 2.9% during the 4th quarter. Mariner LLC now owns 24,201 shares of the oil and gas exploration company’s stock valued at $353,000 after purchasing an additional 672 shares during the last quarter. Signaturefd LLC increased its stake in shares of NOV by 41.3% during the fourth quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock valued at $38,000 after buying an additional 756 shares during the period. Huntington National Bank raised its holdings in shares of NOV by 88.7% during the fourth quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company’s stock valued at $32,000 after acquiring an additional 1,034 shares in the last quarter. ProShare Advisors LLC lifted its stake in NOV by 6.1% in the fourth quarter. ProShare Advisors LLC now owns 18,204 shares of the oil and gas exploration company’s stock worth $266,000 after acquiring an additional 1,042 shares during the period. Finally, Coppell Advisory Solutions LLC boosted its holdings in NOV by 20.1% in the fourth quarter. Coppell Advisory Solutions LLC now owns 7,317 shares of the oil and gas exploration company’s stock valued at $106,000 after acquiring an additional 1,225 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other 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.