NOV (NYSE:NOV) Sets New 12-Month Low at $16.17

NOV Inc. (NYSE:NOV) reached a new 52-week low on Tuesday . The stock traded as low as $16.17 and last traded at $16.19, with a volume of 36339 shares changing hands. The stock had previously closed at $16.23.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Benchmark reaffirmed a “hold” rating on shares of NOV in a report on Friday, July 26th. Evercore ISI raised NOV to a “strong-buy” rating in a report on Friday, July 26th. TD Cowen upped their target price on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a report on Monday, July 29th. Bank of America cut their price objective on NOV from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, July 15th. Finally, Piper Sandler cut their price objective on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $24.58.

NOV Stock Down 1.6 %

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The company has a 50-day moving average of $18.21 and a two-hundred day moving average of $18.44. The company has a market capitalization of $6.29 billion, a PE ratio of 6.52, a P/E/G ratio of 0.49 and a beta of 1.67.

NOV (NYSE:NOV) last released its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The company had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period last year, the business earned $0.39 EPS. NOV’s revenue for the quarter was up 5.9% on a year-over-year basis. Sell-side analysts anticipate that NOV Inc. will post 1.63 earnings per share for the current fiscal year.

NOV Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $0.075 per share. The ex-dividend date is Friday, September 13th. This represents a $0.30 annualized dividend and a dividend yield of 1.88%. NOV’s dividend payout ratio is currently 12.05%.

Hedge Funds Weigh In On NOV

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its stake in shares of NOV by 95.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock worth $17,846,000 after purchasing an additional 429,104 shares during the last quarter. Wintrust Investments LLC lifted its stake in NOV by 631.6% in the first quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock valued at $1,600,000 after buying an additional 70,743 shares during the period. Stanley Laman Group Ltd. bought a new stake in NOV during the 2nd quarter worth approximately $4,031,000. Edmond DE Rothschild Holding S.A. boosted its holdings in NOV by 16.1% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 2,200,000 shares of the oil and gas exploration company’s stock worth $44,616,000 after purchasing an additional 305,000 shares during the last quarter. Finally, Schroder Investment Management Group grew its holdings in NOV by 71.3% during the fourth quarter. Schroder Investment Management Group now owns 1,092,422 shares of the oil and gas exploration company’s stock worth $22,154,000 after purchasing an additional 454,665 shares during the period. 93.27% of the stock is owned by institutional investors and hedge funds.

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.