NOV (NYSE:NOV) Reaches New 12-Month High – Here’s What Happened

NOV Inc. (NYSE:NOV) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $18.05 and last traded at $18.0040, with a volume of 330978 shares changing hands. The stock had previously closed at $17.72.

Analysts Set New Price Targets

Several research analysts recently commented on NOV shares. Stifel Nicolaus raised their price target on shares of NOV from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Piper Sandler boosted their price target on NOV from $14.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, December 18th. Royal Bank Of Canada increased their target price on shares of NOV from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Barclays raised their price target on NOV from $13.00 to $15.00 and gave the stock an “underweight” rating in a report on Wednesday, December 17th. Finally, Zacks Research raised shares of NOV from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $16.77.

NOV Stock Performance

The stock has a market cap of $6.50 billion, a PE ratio of 17.87, a PEG ratio of 4.57 and a beta of 0.95. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.55 and a quick ratio of 1.71. The firm has a 50 day moving average of $15.85 and a two-hundred day moving average of $14.09.

NOV (NYSE:NOV) last announced its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.13). NOV had a net margin of 4.36% and a return on equity of 5.89%. During the same quarter last year, the firm earned $0.33 earnings per share. The company’s revenue was down .7% compared to the same quarter last year. Research analysts predict that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Friday, December 5th. NOV’s payout ratio is presently 30.00%.

Insider Transactions at NOV

In related news, Director Christian S. Kendall bought 70,000 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were acquired at an average cost of $14.46 per share, for a total transaction of $1,012,200.00. Following the acquisition, the director owned 85,949 shares in the company, valued at $1,242,822.54. This represents a 438.90% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 1.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NOV. Gateway Investment Advisers LLC lifted its stake in shares of NOV by 1,845.9% in the 3rd quarter. Gateway Investment Advisers LLC now owns 235,081 shares of the oil and gas exploration company’s stock valued at $3,115,000 after purchasing an additional 223,000 shares during the period. Voya Investment Management LLC lifted its position in NOV by 239.0% in the third quarter. Voya Investment Management LLC now owns 141,506 shares of the oil and gas exploration company’s stock valued at $1,875,000 after buying an additional 99,765 shares during the last quarter. Hsbc Holdings PLC raised its position in NOV by 111.3% in the second quarter. Hsbc Holdings PLC now owns 476,044 shares of the oil and gas exploration company’s stock valued at $6,006,000 after purchasing an additional 250,705 shares during the period. Canandaigua National Bank & Trust Co. grew its stake in shares of NOV by 64.9% in the second quarter. Canandaigua National Bank & Trust Co. now owns 101,211 shares of the oil and gas exploration company’s stock worth $1,258,000 after acquiring an additional 39,848 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its stake in NOV by 18.8% during the second quarter. Harbor Capital Advisors Inc. now owns 804,961 shares of the oil and gas exploration company’s stock worth $10,006,000 after purchasing an additional 127,433 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Company Profile

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.