NOV (NYSE:NOV) Hits New 12-Month High - Should You Buy?

Key Points

• NOV shares hit a new 52-week high on Monday, trading as high as $21.13 and ending up about 3.2% on the day. The move came with above-average attention as volume reached 624,383 shares.
• Analysts remain cautious overall: NOV has a consensus “Hold” rating and an average price target of $19.36, even though several firms recently lifted their targets to the $20-$22 range.
• The company recently missed quarterly earnings estimates, reporting $0.05 EPS versus the expected $0.17, while revenue matched forecasts at $2.05 billion. NOV also raised its quarterly dividend to $0.09 from $0.08.

NOV Inc. (NYSE:NOV - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $21.13 and last traded at $21.0250, with a volume of 624383 shares traded. The stock had previously closed at $20.37.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Weiss Ratings reissued a "hold (c)" rating on shares of NOV in a research report on Friday, March 27th. BMO Capital Markets raised their price objective on NOV from $19.00 to $20.00 and gave the company a "market perform" rating in a research report on Monday, February 9th. Citigroup raised their price objective on NOV from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Wednesday, February 11th. Argus raised NOV to a "hold" rating in a research report on Tuesday, February 10th. Finally, Royal Bank Of Canada raised their price objective on NOV from $21.00 to $22.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, NOV has a consensus rating of "Hold" and a consensus price target of $19.36.

NOV Trading Up 3.2%

The firm has a market cap of $7.55 billion, a P/E ratio of 87.65 and a beta of 0.92. The stock has a fifty day simple moving average of $19.41 and a 200 day simple moving average of $17.88. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.47.

NOV (NYSE:NOV - Get Free Report) last posted its earnings results on Monday, April 27th. The oil and gas exploration company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.12). The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.05 billion. NOV had a return on equity of 3.34% and a net margin of 1.05%.The firm's revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.19 EPS. On average, research analysts expect that NOV Inc. will post 0.93 earnings per share for the current fiscal year.

NOV Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 13th were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, March 13th. This is an increase from NOV's previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 1.7%. NOV's dividend payout ratio is presently 150.00%.

Insider Transactions at NOV

In related news, VP Craig L. Weinstock sold 70,000 shares of the business's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $20.08, for a total value of $1,405,600.00. Following the sale, the vice president directly owned 256,319 shares in the company, valued at approximately $5,146,885.52. The trade was a 21.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joseph W. Rovig sold 151,086 shares of the company's stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $20.17, for a total value of $3,047,404.62. Following the sale, the insider owned 269,694 shares in the company, valued at approximately $5,439,727.98. This trade represents a 35.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.15% of the company's stock.

Institutional Investors Weigh In On NOV

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Wealth Advisors LLC grew its stake in shares of NOV by 4.5% during the first quarter. Fifth Third Wealth Advisors LLC now owns 12,484 shares of the oil and gas exploration company's stock valued at $235,000 after buying an additional 541 shares during the last quarter. Root Financial Partners LLC grew its stake in shares of NOV by 39.9% during the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company's stock valued at $36,000 after buying an additional 552 shares during the last quarter. State of Michigan Retirement System grew its stake in shares of NOV by 0.7% during the first quarter. State of Michigan Retirement System now owns 86,777 shares of the oil and gas exploration company's stock valued at $1,632,000 after buying an additional 600 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of NOV by 9.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 7,384 shares of the oil and gas exploration company's stock valued at $115,000 after buying an additional 611 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of NOV by 0.6% during the third quarter. Arizona State Retirement System now owns 111,185 shares of the oil and gas exploration company's stock valued at $1,473,000 after buying an additional 678 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

NOV Company Profile

National Oilwell Varco NYSE: NOV is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV's business is organized to serve upstream energy companies around the world.

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