JPMorgan Chase & Co. Trims NOV (NYSE:NOV) Target Price to $22.00

NOV (NYSE:NOV) had its price objective cut by JPMorgan Chase & Co. from $23.00 to $22.00 in a report issued on Thursday, Benzinga reports. They currently have an overweight rating on the oil and gas exploration company’s stock.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company cut NOV from an equal weight rating to an underweight rating and lowered their price target for the stock from $20.00 to $16.00 in a report on Wednesday, September 25th. Barclays boosted their target price on NOV from $17.00 to $20.00 and gave the stock an underweight rating in a research note on Tuesday, July 30th. Evercore ISI raised shares of NOV to a strong-buy rating in a report on Friday, July 26th. TD Cowen upped their price objective on shares of NOV from $27.00 to $28.00 and gave the stock a buy rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada restated a sector perform rating and issued a $24.00 target price on shares of NOV in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, NOV presently has a consensus rating of Moderate Buy and a consensus target price of $23.54.

NOV Price Performance

NOV stock opened at $16.59 on Thursday. The company’s 50-day moving average price is $17.30 and its two-hundred day moving average price is $18.25. The firm has a market cap of $6.56 billion, a P/E ratio of 6.66, a P/E/G ratio of 0.50 and a beta of 1.67. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. NOV has a 12 month low of $15.47 and a 12 month high of $21.53.

NOV (NYSE:NOV) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period last year, the firm posted $0.39 earnings per share. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, analysts anticipate that NOV will post 1.63 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.075 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.30 annualized dividend and a dividend yield of 1.81%. NOV’s payout ratio is 12.05%.

Hedge Funds Weigh In On NOV

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Rise Advisors LLC bought a new position in NOV during the 1st quarter worth approximately $26,000. Rothschild Investment LLC acquired a new stake in shares of NOV during the second quarter worth $28,000. Riverview Trust Co acquired a new stake in shares of NOV during the first quarter worth $39,000. American National Bank & Trust bought a new position in NOV during the third quarter worth $39,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in NOV in the second quarter valued at $78,000. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Company Profile

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.