NOV (NYSE:NOV) Given New $20.00 Price Target at Barclays

NOV (NYSE:NOV) had its target price lowered by Barclays from $21.00 to $20.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an underweight rating on the oil and gas exploration company’s stock.

Several other equities research analysts have also recently weighed in on NOV. Zacks Research upgraded NOV from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a research note on Wednesday, June 24th. Evercore raised NOV to a “hold” rating in a report on Wednesday, April 29th. Stifel Nicolaus upped their price objective on NOV from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Finally, The Goldman Sachs Group set a $19.00 price objective on NOV in a research note on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $21.31.

NOV Price Performance

Shares of NYSE:NOV opened at $19.42 on Friday. The firm has a 50 day moving average of $19.61 and a 200-day moving average of $19.42. NOV has a 12 month low of $11.77 and a 12 month high of $21.55. The company has a current ratio of 2.42, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $6.92 billion, a PE ratio of 74.68 and a beta of 0.91.

NOV (NYSE:NOV) last posted its quarterly earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.14. The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. NOV had a net margin of 1.10% and a return on equity of 3.44%. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the business posted $0.29 EPS. On average, equities research analysts predict that NOV will post 0.92 EPS for the current fiscal year.

NOV Dividend Announcement

The business also recently announced a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a dividend of $0.09 per share. This represents a dividend yield of 170.0%. The ex-dividend date of this dividend was Friday, June 12th. NOV’s payout ratio is presently 138.46%.

Insider Activity

In other news, Director David D. Harrison sold 9,594 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $19.21, for a total value of $184,300.74. Following the completion of the transaction, the director directly owned 126,763 shares in the company, valued at approximately $2,435,117.23. This represents a 7.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.15% of the company’s stock.

Institutional Investors Weigh In On NOV

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its holdings in NOV by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 19,404,319 shares of the oil and gas exploration company’s stock worth $364,987,000 after purchasing an additional 431,684 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of NOV by 2.3% during the first quarter. First Trust Advisors LP now owns 7,192,735 shares of the oil and gas exploration company’s stock valued at $135,295,000 after purchasing an additional 158,788 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of NOV by 14.8% during the third quarter. Bank of America Corp DE now owns 5,346,302 shares of the oil and gas exploration company’s stock valued at $70,839,000 after purchasing an additional 689,427 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of NOV by 1,743.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company’s stock worth $79,080,000 after purchasing an additional 4,785,015 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of NOV by 29.1% in the fourth quarter. AQR Capital Management LLC now owns 4,668,127 shares of the oil and gas exploration company’s stock valued at $72,963,000 after buying an additional 1,053,354 shares during the period. Institutional investors own 93.27% of the company’s stock.

Trending Headlines about NOV

Here are the key news stories impacting NOV this week:

• Positive Sentiment: NOV’s second-quarter results exceeded expectations, with EPS of $0.31 versus the $0.17 consensus and revenue of approximately $2.13 billion versus estimates of $2.08 billion. Strength in the Energy Equipment segment, record profitability and constructive third-quarter guidance helped offset the year-over-year revenue decline. NOV Q2 Earnings Surpass Estimates, Revenues Decrease Year Over Year
• Positive Sentiment: Zacks Research upgraded NOV from “hold” to “strong-buy,” adding a bullish signal after the earnings report. Zacks Research Upgrade
• Neutral Sentiment: Analyst targets remain above the current trading level, with a six-month median target of $21.00 and several recent targets at $22.00-$23.00. However, the range includes a $20.00 target, indicating limited consensus on near-term upside.
• Neutral Sentiment: Institutional activity was mixed: 252 investors added NOV shares in the latest quarter, while 155 reduced positions. Several large funds made substantial cuts, partially offset by additions from Jupiter Asset Management and T. Rowe Price.
• Negative Sentiment: Director David D. Harrison sold 9,594 shares worth about $184,300. The sale adds to a broader pattern of six insider sales and no purchases over the past six months, which may weigh on investor confidence. Insider Sale at NOV
• Negative Sentiment: Barclays lowered its price target from $21 to $20 and maintained an “underweight” rating, citing restrained upside potential. Barclays Lowers NOV Price Target
• Negative Sentiment: Industry conditions remain difficult as softer oilfield-equipment demand and conservative upstream capital spending create headwinds for NOV and its peers. Oilfield Equipment Industry Outlook

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.