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

NOV (NYSE:NOV - Free Report) had its price target cut by TD Cowen from $27.00 to $26.00 in a research report sent to investors on Monday, MarketBeat reports. They currently have a buy rating on the oil and gas exploration company's stock.

Other equities analysts have also recently issued reports about the company. Royal Bank of Canada restated a sector perform rating and set a $24.00 price objective on shares of NOV in a research note on Tuesday, February 6th. Benchmark cut NOV from a buy rating to a hold rating in a report on Tuesday, January 16th. Susquehanna restated a positive rating and set a $26.00 target price on shares of NOV in a research report on Monday, April 8th. 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 research note on Monday, February 5th. Finally, Piper Sandler decreased their price target on shares of NOV from $25.00 to $22.00 and set a neutral rating on the stock in a report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $24.07.

NOV Stock Up 2.5 %

NOV traded up $0.47 during midday trading on Monday, hitting $19.34. The company had a trading volume of 6,322,362 shares, compared to its average volume of 4,379,566. The stock's 50 day moving average price is $18.64 and its 200 day moving average price is $19.15. NOV has a 52 week low of $14.05 and a 52 week high of $21.91. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of 7.77, a PEG ratio of 0.82 and a beta of 1.74. The company has a quick ratio of 1.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.28.

NOV (NYSE:NOV - Get Free Report) last issued its earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.03. The business had revenue of $2.16 billion during 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 period in the previous year, the company posted $0.32 EPS. On average, research analysts anticipate that NOV will post 1.52 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date was Wednesday, March 13th. NOV's payout ratio is presently 8.03%.

Insider Buying and Selling

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

Hedge Funds Weigh In On NOV

A number of hedge funds have recently bought and sold shares of NOV. SYSTM Wealth Solutions LLC bought a new position in shares of NOV during the 1st quarter valued at $78,000. New York State Teachers Retirement System increased its position in NOV by 5.4% during the first quarter. New York State Teachers Retirement System now owns 543,884 shares of the oil and gas exploration company's stock valued at $10,617,000 after acquiring an additional 27,986 shares during the last quarter. Triumph Capital Management lifted its holdings in NOV by 264.6% in the first quarter. Triumph Capital Management now owns 39,061 shares of the oil and gas exploration company's stock valued at $770,000 after acquiring an additional 28,348 shares during the period. Assenagon Asset Management S.A. purchased a new position in NOV in the first quarter worth about $2,082,000. Finally, Louisiana State Employees Retirement System grew its stake in shares of NOV by 2.5% during the 1st quarter. Louisiana State Employees Retirement System now owns 113,400 shares of the oil and gas exploration company's stock valued at $2,214,000 after purchasing an additional 2,800 shares during the period. Hedge funds and other institutional investors own 93.27% of the company's stock.

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.