NOV (NYSE:NOV) Trading Down 2.7% - What's Next?

NOV Inc. (NYSE:NOV - Get Free Report)'s share price dropped 2.7% during mid-day trading on Tuesday . The company traded as low as $12.16 and last traded at $11.95. Approximately 113,880 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 3,883,095 shares. The stock had previously closed at $12.28.

Wall Street Analysts Forecast Growth

NOV has been the topic of a number of recent analyst reports. Barclays increased their price objective on shares of NOV from $12.00 to $13.00 and gave the company an "underweight" rating in a research report on Tuesday, February 18th. Piper Sandler raised their price target on NOV from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, February 10th. The Goldman Sachs Group lowered their price objective on NOV from $16.00 to $13.00 and set a "sell" rating for the company in a research report on Thursday, April 10th. Susquehanna cut their target price on NOV from $21.00 to $19.00 and set a "positive" rating on the stock in a research report on Monday, April 14th. Finally, Royal Bank of Canada raised NOV from a "sector perform" rating to an "outperform" rating and set a $22.00 price target for the company in a report on Monday, March 24th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $19.00.

NOV Stock Performance

The company has a 50 day simple moving average of $13.82 and a 200 day simple moving average of $14.83. The company has a current ratio of 2.46, a quick ratio of 1.64 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $4.67 billion, a PE ratio of 7.66, a P/E/G ratio of 1.02 and a beta of 1.35.

NOV (NYSE:NOV - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, beating 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%. Analysts predict that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Friday, March 14th. NOV's dividend payout ratio (DPR) is presently 18.63%.

Institutional Trading of NOV

Institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC grew its stake in NOV by 120.1% in the 3rd quarter. Barclays PLC now owns 473,545 shares of the oil and gas exploration company's stock worth $7,561,000 after acquiring an additional 258,392 shares during the period. Tidal Investments LLC increased its stake in NOV by 20.8% during the 3rd quarter. Tidal Investments LLC now owns 21,200 shares of the oil and gas exploration company's stock worth $339,000 after buying an additional 3,645 shares during the period. Nordea Investment Management AB purchased a new stake in NOV during the 4th quarter worth approximately $2,514,000. Canandaigua National Bank & Trust Co. raised its stake in shares of NOV by 3.5% in the 4th quarter. Canandaigua National Bank & Trust Co. now owns 59,895 shares of the oil and gas exploration company's stock valued at $874,000 after purchasing an additional 2,040 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in NOV by 10.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,983 shares of the oil and gas exploration company's stock worth $271,000 after purchasing an additional 1,656 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other 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.