The Goldman Sachs Group Cuts NOV (NYSE:NOV) Price Target to $13.00

NOV (NYSE:NOV) had its price target cut by The Goldman Sachs Group from $16.00 to $13.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a sell rating on the oil and gas exploration company’s stock.

NOV has been the topic of a number of other reports. Piper Sandler boosted their target price on NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Royal Bank of Canada upgraded NOV from a “sector perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research report on Monday, March 24th. Evercore ISI reissued an “in-line” rating and issued a $18.00 target price (down from $25.00) on shares of NOV in a report on Wednesday, January 15th. Raymond James upped their price target on shares of NOV from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Finally, Seaport Res Ptn cut shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Sunday, January 5th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, NOV presently has a consensus rating of “Hold” and a consensus target price of $19.19.

NOV Trading Up 2.8 %

Shares of NOV stock opened at $11.86 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.64. The company has a market cap of $4.52 billion, a price-to-earnings ratio of 7.36, a PEG ratio of 1.02 and a beta of 1.35. NOV has a 1 year low of $10.84 and a 1 year high of $21.20. The firm has a fifty day moving average price of $14.54 and a 200-day moving average price of $15.11.

NOV (NYSE:NOV) last issued its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.06. NOV had a net margin of 7.16% and a return on equity of 9.88%. As a group, equities analysts predict that NOV will post 1.4 earnings per share for the current year.

NOV Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.075 per share. The ex-dividend date was Friday, March 14th. This represents a $0.30 annualized dividend and a dividend yield of 2.53%. NOV’s dividend payout ratio (DPR) is 18.63%.

Hedge Funds Weigh In On NOV

A number of hedge funds have recently added to or reduced their stakes in NOV. Huntington National Bank increased its stake 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 buying an additional 1,034 shares during the period. Covestor Ltd grew its holdings in NOV by 282.9% during the 4th quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company’s stock worth $33,000 after acquiring an additional 1,655 shares in the last quarter. UMB Bank n.a. increased its position in NOV by 222.3% during the 4th quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after purchasing an additional 1,612 shares during the period. Quarry LP bought a new stake in shares of NOV in the 3rd quarter valued at about $36,000. Finally, Signaturefd LLC lifted its position in shares of NOV by 41.3% in the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock worth $38,000 after purchasing an additional 756 shares during the period. 93.27% of the stock is currently owned by 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.