NOV (NYSE:NOV) Rating Increased to Outperform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of NOV (NYSE:NOV) from a sector perform rating to an outperform rating in a research report report published on Monday, MarketBeat Ratings reports. They currently have $22.00 price target on the oil and gas exploration company’s stock.

Several other analysts have also issued reports on the stock. Atb Cap Markets lowered shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Seaport Res Ptn lowered shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Sunday, January 5th. Evercore ISI reissued an “in-line” rating and set a $18.00 target price (down previously from $25.00) on shares of NOV in a research report on Wednesday, January 15th. Piper Sandler upped their target price on NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Finally, ATB Capital reiterated a “sector perform” rating and set a $19.00 price target on shares of NOV in a report on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, NOV has a consensus rating of “Hold” and an average price target of $19.60.

NOV Price Performance

NOV stock opened at $15.13 on Monday. 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 business has a 50-day simple moving average of $14.99 and a two-hundred day simple moving average of $15.41. The company has a market capitalization of $5.76 billion, a P/E ratio of 9.40, a price-to-earnings-growth ratio of 1.02 and a beta of 1.66. NOV has a 52-week low of $13.78 and a 52-week high of $21.20.

NOV (NYSE:NOV) last posted its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. Research analysts expect that NOV will post 1.4 EPS for the current fiscal year.

NOV Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, March 14th. NOV’s dividend payout ratio (DPR) is currently 18.63%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Huntington National Bank raised its holdings in NOV by 88.7% during the 4th quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company’s stock valued at $32,000 after acquiring an additional 1,034 shares during the period. Covestor Ltd raised its stake in shares of NOV by 282.9% during the 4th quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company’s stock valued at $33,000 after purchasing an additional 1,655 shares during the period. UMB Bank n.a. raised its stake in shares of NOV by 222.3% during the 4th quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after purchasing an additional 1,612 shares during the period. Quarry LP purchased a new stake in NOV during the 3rd quarter worth about $36,000. Finally, Signaturefd LLC boosted its stake in NOV by 41.3% in the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock worth $38,000 after purchasing an additional 756 shares during the period. 93.27% of the stock is owned by institutional investors.

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.