NOV (NYSE:NOV) Price Target Lowered to $21.00 at Susquehanna

NOV (NYSE:NOV) had its target price reduced by Susquehanna from $22.00 to $21.00 in a research report released on Monday morning, Benzinga reports. Susquehanna currently has a positive rating on the oil and gas exploration company’s stock.

Other research analysts have also issued reports about the stock. Piper Sandler cut their target price on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, July 15th. JPMorgan Chase & Co. cut their target price on shares of NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Benchmark reissued a “hold” rating on shares of NOV in a report on Friday, July 26th. Evercore ISI raised shares of NOV to a “strong-buy” rating in a report on Friday, July 26th. Finally, Wells Fargo & Company lowered shares of NOV from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $20.00 to $16.00 in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NOV has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

NOV Trading Down 2.1 %

NOV stock opened at $15.40 on Monday. The stock has a market cap of $6.06 billion, a P/E ratio of 5.68, a PEG ratio of 0.91 and a beta of 1.67. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65. NOV has a 1 year low of $14.98 and a 1 year high of $21.23. The firm’s 50 day moving average price is $16.44 and its 200-day moving average price is $17.79.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.075 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.30 annualized dividend and a dividend yield of 1.95%. NOV’s payout ratio is currently 11.07%.

Institutional Trading of NOV

Several institutional investors and hedge funds have recently made changes to their positions in NOV. Park Avenue Securities LLC raised its holdings in shares of NOV by 7.5% in the first quarter. Park Avenue Securities LLC now owns 17,020 shares of the oil and gas exploration company’s stock valued at $332,000 after acquiring an additional 1,194 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of NOV by 1.1% in the first 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 acquiring an additional 42,717 shares in the last quarter. State of Michigan Retirement System raised its holdings in shares of NOV by 2.4% in the first quarter. State of Michigan Retirement System now owns 96,777 shares of the oil and gas exploration company’s stock valued at $1,889,000 after acquiring an additional 2,300 shares in the last quarter. Norden Group LLC bought a new position in NOV in the first quarter worth about $196,000. Finally, Retirement Systems of Alabama raised its holdings in NOV by 5.0% in the first quarter. Retirement Systems of Alabama now owns 968,972 shares of the oil and gas exploration company’s stock worth $18,914,000 after purchasing an additional 45,798 shares in the last quarter. 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.