NOV (NYSE:NOV) Reaches New 1-Year High – Should You Buy?

Shares of NOV Inc. (NYSE:NOV) reached a new 52-week high on Tuesday . The stock traded as high as $20.60 and last traded at $20.2590, with a volume of 4515965 shares traded. The stock had previously closed at $20.39.

Wall Street Analyst Weigh In

A number of analysts have weighed in on NOV shares. The Goldman Sachs Group reissued a “sell” rating and set a $17.00 price objective on shares of NOV in a report on Wednesday, January 14th. Argus upgraded shares of NOV to a “hold” rating in a research note on Tuesday, February 10th. Morgan Stanley set a $16.00 price target on shares of NOV in a research report on Monday, December 15th. Piper Sandler raised their price objective on NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Finally, Evercore set a $19.00 target price on NOV in a report on Friday, February 6th. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, NOV has an average rating of “Hold” and an average target price of $18.36.

NOV Stock Down 0.6%

The firm has a market capitalization of $7.30 billion, a PE ratio of 53.31 and a beta of 0.93. The business’s fifty day moving average price is $17.73 and its 200 day moving average price is $15.27. The company has a quick ratio of 1.67, a current ratio of 2.42 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV) last issued its quarterly earnings results on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.23). The company had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.17 billion. NOV had a net margin of 1.66% and a return on equity of 3.57%. The business’s revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 EPS. On average, equities research analysts forecast that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.8%. This is a boost from NOV’s previous quarterly dividend of $0.08. The ex-dividend date is Friday, March 13th. NOV’s dividend payout ratio (DPR) is currently 78.95%.

Hedge Funds Weigh In On NOV

A number of large investors have recently bought and sold shares of NOV. V Square Quantitative Management LLC acquired a new stake in shares of NOV in the 4th quarter worth $28,000. CoreFirst Bank & Trust acquired a new stake in NOV in the second quarter valued at about $35,000. CIBC Private Wealth Group LLC boosted its holdings in NOV by 659.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company’s stock valued at $36,000 after purchasing an additional 1,978 shares in the last quarter. Rothschild Investment LLC increased its position in NOV by 50.1% during the 4th quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company’s stock worth $37,000 after purchasing an additional 780 shares during the period. Finally, Allworth Financial LP raised its stake in shares of NOV by 37.9% during the 4th quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company’s stock worth $40,000 after buying an additional 709 shares in 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.