Wells Fargo & Company Issues Pessimistic Forecast for NOV (NYSE:NOV) Stock Price

NOV (NYSE:NOV - Free Report) had its price objective reduced by Wells Fargo & Company from $11.00 to $10.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an underweight rating on the oil and gas exploration company's stock.

A number of other research analysts have also issued reports on NOV. Royal Bank of Canada reduced their target price on shares of NOV from $20.00 to $19.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Piper Sandler dropped their target price on shares of NOV from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Barclays dropped their target price on shares of NOV from $13.00 to $11.00 and set an "underweight" rating on the stock in a report on Wednesday, April 30th. Susquehanna dropped their target price on shares of NOV from $21.00 to $19.00 and set a "positive" rating on the stock in a report on Monday, April 14th. Finally, Morgan Stanley dropped their target price on shares of NOV from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $17.44.

NOV Stock Up 2.9%

NOV stock traded up $0.36 during midday trading on Thursday, hitting $12.64. 2,933,666 shares of the stock were exchanged, compared to its average volume of 3,995,407. NOV has a 1 year low of $10.84 and a 1 year high of $21.20. The firm has a market cap of $4.75 billion, a P/E ratio of 7.85, a P/E/G ratio of 1.02 and a beta of 1.28. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.64. The company has a 50 day moving average price of $12.31 and a two-hundred day moving average price of $14.08.

NOV (NYSE:NOV - Get Free Report) last released its earnings results on Monday, April 28th. The oil and gas exploration company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.06). NOV had a return on equity of 9.88% and a net margin of 7.16%. The company had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.11 billion. During the same period in the previous year, the firm posted $0.30 EPS. NOV's revenue for the quarter was down 2.4% on a year-over-year basis. On average, sell-side analysts predict that NOV will post 1.4 earnings per share for the current fiscal year.

NOV Announces Dividend

The company also recently disclosed a dividend, which will be paid on Friday, June 13th. Investors of record on Tuesday, June 3rd will be issued a dividend of $0.21 per share. This represents a dividend yield of 3.63%. The ex-dividend date of this dividend is Monday, June 2nd. NOV's dividend payout ratio is currently 20.00%.

Institutional Trading of NOV

Large investors have recently modified their holdings of the company. Banque Cantonale Vaudoise bought a new stake in shares of NOV during the 1st quarter worth $25,000. Huntington National Bank raised its stake in NOV by 88.7% during the 4th quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company's stock valued at $32,000 after purchasing an additional 1,034 shares during the last quarter. Covestor Ltd raised its stake in NOV by 282.9% during the 4th quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company's stock valued at $33,000 after purchasing an additional 1,655 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in NOV during the 1st quarter valued at $36,000. Finally, Signaturefd LLC raised its stake in NOV by 41.3% during the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company's stock valued at $38,000 after purchasing an additional 756 shares during the last quarter. 93.27% of the stock is 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.