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

NOV Inc. (NYSE:NOV)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $21.13 and last traded at $21.0250, with a volume of 624383 shares. The stock had previously closed at $20.37.

Analyst Ratings Changes

NOV has been the subject of a number of recent analyst reports. Susquehanna upped their target price on NOV from $22.00 to $24.00 and gave the company a “positive” rating in a research report on Wednesday, April 29th. Royal Bank Of Canada boosted their price target on NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 29th. Piper Sandler upped their price objective on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Morgan Stanley raised their target price on shares of NOV from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Finally, TD Cowen raised shares of NOV from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $19.36.

NOV Stock Down 1.1%

The company has a current ratio of 2.47, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $7.51 billion, a P/E ratio of 87.23 and a beta of 0.92. The stock has a 50 day moving average price of $19.50 and a 200 day moving average price of $17.96.

NOV (NYSE:NOV) last issued its earnings results on Monday, April 27th. The oil and gas exploration company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.12). The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.05 billion. NOV had a return on equity of 3.34% and a net margin of 1.05%.NOV’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.19 EPS. On average, research analysts anticipate that NOV Inc. will post 0.92 earnings per share for the current fiscal year.

NOV Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were given a $0.09 dividend. This is an increase from NOV’s previous quarterly dividend of $0.08. The ex-dividend date was Friday, March 13th. This represents a $0.36 annualized dividend and a yield of 1.7%. NOV’s dividend payout ratio is currently 150.00%.

Insider Buying and Selling at NOV

In related news, insider Joseph W. Rovig sold 151,086 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $20.17, for a total value of $3,047,404.62. Following the sale, the insider owned 269,694 shares of the company’s stock, valued at $5,439,727.98. The trade was a 35.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Craig L. Weinstock sold 70,000 shares of NOV stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.08, for a total value of $1,405,600.00. Following the completion of the transaction, the vice president directly owned 256,319 shares in the company, valued at approximately $5,146,885.52. This represents a 21.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NOV

Hedge funds have recently bought and sold shares of the company. Tejara Capital Ltd raised its position in shares of NOV by 33.1% in the 3rd quarter. Tejara Capital Ltd now owns 670,199 shares of the oil and gas exploration company’s stock worth $8,880,000 after acquiring an additional 166,692 shares in the last quarter. Monaco Asset Management SAM acquired a new stake in NOV during the third quarter worth approximately $4,969,000. Keybank National Association OH acquired a new stake in NOV during the third quarter worth approximately $3,978,000. American Century Companies Inc. increased its holdings in NOV by 43.6% in the third quarter. American Century Companies Inc. now owns 7,596,504 shares of the oil and gas exploration company’s stock worth $100,654,000 after purchasing an additional 2,304,975 shares in the last quarter. Finally, Vest Financial LLC lifted its stake in NOV by 31.7% in the third quarter. Vest Financial LLC now owns 379,056 shares of the oil and gas exploration company’s stock valued at $5,022,000 after buying an additional 91,272 shares during the period. Institutional investors own 93.27% of the company’s stock.

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.