NOV Inc. (NYSE:NOV) Receives Consensus Rating of “Hold” from Brokerages

Shares of NOV Inc. (NYSE:NOV) have been assigned a consensus recommendation of “Hold” from the seventeen brokerages that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $20.4286.

A number of equities research analysts have recently weighed in on the company. Barclays reiterated an “underweight” rating and issued a $21.00 price objective (up from $20.00) on shares of NOV in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NOV in a research note on Wednesday, June 24th. TD Cowen raised shares of NOV from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 29th. Morgan Stanley raised their target price on shares of NOV from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Finally, Evercore raised shares of NOV to a “hold” rating in a research note on Wednesday, April 29th.

Institutional Investors Weigh In On NOV

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in NOV by 9.5% in the second quarter. GAMMA Investing LLC now owns 12,407 shares of the oil and gas exploration company’s stock worth $230,000 after purchasing an additional 1,078 shares during the period. Canandaigua National Bank & Trust Co. purchased a new position in NOV during the second quarter valued at $1,658,000. Empowered Funds LLC boosted its holdings in shares of NOV by 2,302.8% during the 1st quarter. Empowered Funds LLC now owns 325,892 shares of the oil and gas exploration company’s stock valued at $6,130,000 after buying an additional 312,329 shares in the last quarter. Glenmede Trust Co. NA grew its position in shares of NOV by 19.7% in the 1st quarter. Glenmede Trust Co. NA now owns 12,704 shares of the oil and gas exploration company’s stock worth $239,000 after buying an additional 2,094 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of NOV by 17.0% in the 1st quarter. Bank of America Corp DE now owns 4,575,450 shares of the oil and gas exploration company’s stock worth $86,064,000 after acquiring an additional 664,969 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

NOV Stock Up 0.0%

NYSE NOV opened at $18.90 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.47 and a quick ratio of 1.66. The stock has a market capitalization of $6.78 billion, a PE ratio of 78.75 and a beta of 0.91. NOV has a 1 year low of $11.77 and a 1 year high of $21.55. The business’s 50-day moving average is $19.81 and its 200 day moving average is $19.08.

NOV (NYSE:NOV) last announced its quarterly earnings results on Tuesday, April 28th. The oil and gas exploration company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.12). The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.05 billion. NOV had a net margin of 1.05% and a return on equity of 3.34%. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.19 EPS. Sell-side analysts forecast that NOV will post 0.9 earnings per share for the current year.

NOV Announces Dividend

The company also recently announced a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a dividend of $0.09 per share. The ex-dividend date was Friday, June 12th. This represents a dividend yield of 170.0%. NOV’s dividend payout ratio is 150.00%.

About NOV

National Oilwell Varco (NYSE: NOV) is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV’s business is organized to serve upstream energy companies around the world.