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 morning, Marketbeat reports. They currently have $22.00 target price on the oil and gas exploration company’s stock.

Several other research firms have also recently weighed in on NOV. Piper Sandler boosted their price target on NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. ATB Capital reissued a “sector perform” rating and set a $19.00 target price on shares of NOV in a report on Tuesday, December 10th. Evercore ISI reaffirmed 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. Barclays lifted their price target on shares of NOV from $12.00 to $13.00 and gave the stock an “underweight” rating in a report on Tuesday, February 18th. Finally, Raymond James increased their price objective on NOV from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.60.

NOV Trading Down 0.2 %

NOV opened at $15.44 on Monday. NOV has a 1-year low of $13.78 and a 1-year high of $21.20. The company has a current ratio of 2.46, a quick ratio of 1.64 and a debt-to-equity ratio of 0.26. The company has a market cap of $5.88 billion, a P/E ratio of 9.59, a PEG ratio of 1.02 and a beta of 1.66. The company’s 50 day moving average is $15.01 and its 200-day moving average is $15.40.

NOV (NYSE:NOV) last announced its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS 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%. Equities research analysts predict that NOV will post 1.4 earnings per share for the current fiscal year.

NOV Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Friday, March 14th. NOV’s payout ratio is 18.63%.

Institutional Investors Weigh In On NOV

Large investors have recently bought and sold shares of the stock. Huntington National Bank increased its position in NOV by 88.7% in 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 buying an additional 1,034 shares in the last quarter. Covestor Ltd grew its stake in NOV by 282.9% in the fourth 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 shares of NOV by 222.3% during the fourth quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after acquiring an additional 1,612 shares in the last quarter. Quarry LP acquired a new position in shares of NOV during the third quarter worth approximately $36,000. Finally, Signaturefd LLC lifted its holdings in shares of 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 in the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

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.