NOV (NYSE:NOV) Reaches New 1-Year Low at $16.73

NOV Inc. (NYSE:NOV) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $16.73 and last traded at $16.81, with a volume of 2204399 shares trading hands. The stock had previously closed at $17.18.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on NOV shares. Barclays lifted their price objective on NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Tuesday, July 30th. Royal Bank of Canada reissued a “sector perform” rating and set a $24.00 price objective on shares of NOV in a research note on Monday, July 29th. Benchmark reiterated a “hold” rating on shares of NOV in a report on Friday, July 26th. Bank of America decreased their price objective on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Finally, Evercore ISI upgraded shares of NOV to a “strong-buy” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $24.58.

NOV Price Performance

The stock has a market cap of $6.44 billion, a P/E ratio of 6.70, a price-to-earnings-growth ratio of 0.53 and a beta of 1.70. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61. The firm has a 50-day moving average price of $18.31 and a 200-day moving average price of $18.43.

NOV (NYSE:NOV) last posted its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.22. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. NOV had a return on equity of 10.97% and a net margin of 11.88%. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 earnings per share. On average, analysts forecast that NOV Inc. will post 1.63 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Friday, September 13th. NOV’s payout ratio is 12.05%.

Hedge Funds Weigh In On NOV

A number of hedge funds have recently bought and sold shares of NOV. Rise Advisors LLC purchased a new stake in shares of NOV during the first quarter valued at approximately $26,000. Rothschild Investment LLC bought a new position in NOV in the 2nd quarter valued at approximately $28,000. Riverview Trust Co purchased a new stake in NOV during the 1st quarter valued at $39,000. SYSTM Wealth Solutions LLC purchased a new position in shares of NOV in the first quarter worth $78,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of NOV in the second quarter worth $78,000. 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.