NOV (NYSE:NOV) Sets New 52-Week High at $24.47

NOV Inc. (NYSE:NOVGet Rating) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $24.47 and last traded at $24.35, with a volume of 2871869 shares traded. The stock had previously closed at $23.40.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on NOV shares. Morgan Stanley upgraded NOV from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $21.00 to $24.00 in a research note on Wednesday, January 4th. Benchmark started coverage on NOV in a research note on Thursday, January 19th. They set a “buy” rating and a $28.00 price objective on the stock. StockNews.com started coverage on NOV in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Susquehanna Bancshares cut their price target on NOV from $27.00 to $25.00 in a research note on Monday, October 31st. Finally, Bank of America upgraded NOV from a “neutral” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Friday, September 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $23.67.

NOV Price Performance

The company has a 50 day simple moving average of $21.58 and a 200-day simple moving average of $19.41. The stock has a market cap of $9.66 billion, a price-to-earnings ratio of 780.26 and a beta of 1.84. The company has a quick ratio of 1.52, a current ratio of 2.30 and a debt-to-equity ratio of 0.35.

NOV (NYSE:NOVGet Rating) last posted its earnings results on Thursday, October 27th. The oil and gas exploration company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.07). The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.81 billion. NOV had a net margin of 0.16% and a return on equity of 0.54%. As a group, research analysts anticipate that NOV Inc. will post 0.43 EPS for the current fiscal year.

NOV Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 23rd. Stockholders of record on Friday, December 9th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend was Thursday, December 8th. NOV’s dividend payout ratio (DPR) is presently 666.89%.

Insider Activity

In other news, CAO Christy Lynn Novak sold 4,575 shares of the company’s stock in a transaction that occurred on Friday, November 4th. The stock was sold at an average price of $23.17, for a total transaction of $106,002.75. Following the completion of the transaction, the chief accounting officer now directly owns 64,086 shares of the company’s stock, valued at $1,484,872.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Isaac H. Joseph sold 2,500 shares of the stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $22.77, for a total value of $56,925.00. Following the completion of the transaction, the insider now directly owns 190,611 shares of the company’s stock, valued at approximately $4,340,212.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Christy Lynn Novak sold 4,575 shares of the stock in a transaction that occurred on Friday, November 4th. The stock was sold at an average price of $23.17, for a total value of $106,002.75. Following the completion of the transaction, the chief accounting officer now directly owns 64,086 shares of the company’s stock, valued at $1,484,872.62. The disclosure for this sale can be found here. Corporate insiders own 1.59% of the company’s stock.

Hedge Funds Weigh In On NOV

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Verum Partners LLC bought a new position in NOV in the 4th quarter worth approximately $240,000. Artemis Investment Management LLP acquired a new stake in NOV in the fourth quarter worth approximately $26,465,000. Louisiana State Employees Retirement System lifted its position in NOV by 0.7% in the fourth quarter. Louisiana State Employees Retirement System now owns 105,200 shares of the oil and gas exploration company’s stock worth $2,198,000 after purchasing an additional 700 shares during the period. National Bank of Canada FI acquired a new stake in NOV in the fourth quarter worth approximately $30,000. Finally, Park Avenue Securities LLC lifted its position in NOV by 24.8% in the fourth quarter. Park Avenue Securities LLC now owns 12,691 shares of the oil and gas exploration company’s stock worth $265,000 after purchasing an additional 2,520 shares during the period. 94.18% of the stock is owned by institutional investors.

About NOV

(Get Rating)

NOV, Inc provides equipment and technology to the upstream oil and gas industry. It operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment monitors its capital equipment backlog to plan its business. The Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations and offers services that optimize their performance.

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