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

NOV (NYSE:NOV) had its price objective lifted by Wells Fargo & Company from $10.00 to $11.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an underweight rating on the oil and gas exploration company’s stock.

NOV has been the subject of a number of other reports. Royal Bank of Canada lowered 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. Stifel Nicolaus dropped their price objective on shares of NOV from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Raymond James raised their target price on NOV from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Evercore ISI reiterated an “in-line” rating and set a $18.00 price target (down previously from $25.00) on shares of NOV in a research note on Wednesday, January 15th. Finally, JPMorgan Chase & Co. reduced their price objective on NOV from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $18.00.

NOV Price Performance

Shares of NOV opened at $12.27 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.64 and a current ratio of 2.46. The stock has a market capitalization of $4.61 billion, a PE ratio of 7.62, a PEG ratio of 1.02 and a beta of 1.27. The company has a 50 day moving average price of $13.50 and a 200-day moving average price of $14.69. NOV has a fifty-two week low of $10.84 and a fifty-two week high of $21.20.

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

NOV Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Friday, March 14th. NOV’s payout ratio is currently 20.00%.

Hedge Funds Weigh In On NOV

Several institutional investors and hedge funds have recently modified their holdings of NOV. Huntington National Bank grew its holdings in NOV by 88.7% in the fourth 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 period. Covestor Ltd grew its stake in NOV by 282.9% in the 4th quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company’s stock valued at $33,000 after acquiring an additional 1,655 shares during the period. UMB Bank n.a. increased its holdings in NOV by 222.3% in the 4th quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock worth $34,000 after acquiring an additional 1,612 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in NOV during the first quarter worth $36,000. Finally, Signaturefd LLC lifted its holdings in NOV by 41.3% during the fourth 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 in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.