NOV Inc. (NYSE:NOV) Receives Consensus Recommendation of “Hold” from Analysts

Recently, shares of NOV Inc. (NYSE:NOV) have acquired a consensus recommendation of "Hold" from a total of eighteen analyst firms that currently cover the stock, according to reports from MarketBeat Ratings. Among these analysts, two have issued a sell recommendation, while eight analysts have suggested holding the stock, and the remaining eight have given it a buy recommendation.

The average price target projected by analysts for NOV shares over the next twelve months stands at $19.60. This figure represents an analytical outlook on the potential future performance of the stock.

Recent Analyst Reports on NOV

NOV has been the focus of various research reports in recent weeks. For instance, on December 10th, ATB Capital reaffirmed its "sector perform" rating on the stock, assigning a price target of $19.00. This change was part of a broader trend, as they downgraded NOV from a previously held "strong-buy" rating to a "hold" recommendation on the same date. Similarly, Seaport Research Partners made a similar adjustment, lowering NOV from a "strong-buy" to a "hold" on January 5th.

On February 6th, Raymond James adjusted their price target for NOV, increasing it from $18.00 to $19.00, while maintaining an "outperform" rating. Finally, the Royal Bank of Canada recently upgraded NOV from "sector perform" to "outperform," with an increased target price of $22.00.

Current Price Overview

As of Tuesday, shares of NOV opened at $15.13. Over the past twelve months, the stock has experienced a low of $13.78 and a high of $21.20. The company's current market capitalization is approximately $5.76 billion, and it has a price-to-earnings ratio of 9.40, along with a price-to-earnings-growth ratio of 1.02. Additionally, NOV has a beta of 1.66, indicating its volatility compared to the market.

Financial Performance and Dividends

NOV reported its quarterly earnings on February 4th, revealing earnings per share (EPS) of $0.41, which surpassed analysts’ expectations of $0.35 by $0.06. The company's net margin stands at 7.16%, and its return on equity is 9.88%. Market analysts project an EPS of 1.4 for the current fiscal year.

In addition to its earnings report, NOV has also announced a quarterly dividend that will be distributed on March 28th. Shareholders who were on record as of March 14th will receive a dividend of $0.075 per share, leading to an annualized dividend of $0.30 and a dividend yield of 1.98%. The company's payout ratio currently stands at 18.63%, indicating a sustainable dividend policy.

Institutional Ownership Trends

Institutional investors have recently been active in buying and selling shares of NOV. For example, Huntington National Bank increased its stake in NOV by an impressive 88.7% during the fourth quarter, acquiring an additional 1,034 shares for a total of 2,200 shares valued at $32,000. Similarly, Covestor Ltd boosted its stake by 282.9%, ending the quarter with 2,240 shares worth $33,000 after purchasing an extra 1,655 shares.

UMB Bank n.a. also saw a notable increase in its position, growing by 222.3% in the fourth quarter, while Quarry LP established a new position in NOV valued at $36,000. Finally, Signaturefd LLC enhanced its investment by 41.3%, owning 2,587 shares valued at $38,000 after acquiring 756 additional shares. Presently, institutional investors own about 93.27% of NOV's shares, showcasing substantial confidence in the company.

About NOV Inc.

NOV Inc. specializes in the design, construction, manufacturing, and distribution of systems and products for the oil and gas drilling sector, along with renewable and industrial energy sectors, both domestically and internationally. The company operates through two main segments: Energy Equipment and Energy Products and Services, providing a range of equipment and services for drilling and production.

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