TD Cowen Trims NOV (NYSE:NOV) Target Price to $26.00

NOV (NYSE:NOV) had its target price lowered by TD Cowen from $27.00 to $26.00 in a research note issued to investors on Monday morning, Marketbeat reports. TD Cowen currently has a buy rating on the oil and gas exploration company’s stock.

Several other brokerages also recently weighed in on NOV. Piper Sandler decreased their target price on shares of NOV from $25.00 to $22.00 and set a neutral rating for the company in a research note on Tuesday, February 20th. Royal Bank of Canada reiterated a sector perform rating and issued a $24.00 target price on shares of NOV in a research note on Tuesday, February 6th. Raymond James cut their price target on shares of NOV from $28.00 to $25.00 and set an outperform rating for the company in a report on Monday, February 5th. Stifel Nicolaus cut their target price on NOV from $28.00 to $26.00 and set a buy rating for the company in a research note on Monday, February 5th. Finally, StockNews.com upgraded NOV from a sell rating to a hold rating in a research note on Wednesday, January 31st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $24.07.

NOV Price Performance

Shares of NOV opened at $18.38 on Monday. The firm has a fifty day moving average price of $18.67 and a 200 day moving average price of $19.13. The stock has a market cap of $7.27 billion, a PE ratio of 7.38, a price-to-earnings-growth ratio of 0.84 and a beta of 1.74. NOV has a 1-year low of $14.05 and a 1-year high of $21.91. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.50 and a quick ratio of 1.50.

NOV (NYSE:NOV) last released its quarterly earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.27 by $0.03. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. NOV had a return on equity of 10.21% and a net margin of 11.23%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 earnings per share. As a group, sell-side analysts anticipate that NOV will post 1.52 EPS for the current year.

NOV Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend was Wednesday, March 13th. NOV’s dividend payout ratio (DPR) is presently 8.03%.

Insider Buying and Selling

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of NOV stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $17.43, for a total value of $61,005.00. Following the completion of the sale, the chief accounting officer now directly owns 114,212 shares of the company’s stock, valued at approximately $1,990,715.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Balyasny Asset Management L.P. grew its stake in shares of NOV by 769.1% during the 4th 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 during the period. FMR LLC increased its position in shares of NOV by 30.9% in the third quarter. FMR LLC now owns 18,514,921 shares of the oil and gas exploration company’s stock worth $386,962,000 after acquiring an additional 4,369,540 shares in the last quarter. Schroder Investment Management Group purchased a new position in shares of NOV in the 3rd quarter valued at $13,329,000. Goldman Sachs Group Inc. lifted its holdings in shares of NOV by 95.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock valued at $17,846,000 after acquiring an additional 429,104 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. boosted its position in NOV by 16.1% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 2,200,000 shares of the oil and gas exploration company’s stock worth $44,616,000 after purchasing an additional 305,000 shares during the period. 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.