NOV (NYSE:NOV) Sees Unusually-High Trading Volume

NOV Inc. (NYSE:NOV) saw unusually-strong trading volume on Tuesday . Approximately 5,678,731 shares traded hands during trading, an increase of 55% from the previous session’s volume of 3,665,723 shares.The stock last traded at $16.24 and had previously closed at $16.07.

Wall Street Analysts Forecast Growth

NOV has been the subject of a number of recent analyst reports. Piper Sandler lowered their target price on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Evercore ISI upgraded shares of NOV to a “strong-buy” rating in a report on Friday, July 26th. Royal Bank of Canada restated a “sector perform” rating and issued a $24.00 target price on shares of NOV in a report on Monday, July 29th. Barclays boosted their target price on shares of NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. Finally, Morgan Stanley lowered their target price on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.42.

NOV Trading Up 2.0 %

The business’s 50-day simple moving average is $17.97 and its two-hundred day simple moving average is $18.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The stock has a market capitalization of $6.48 billion, a price-to-earnings ratio of 6.58, a PEG ratio of 0.47 and a beta of 1.67.

NOV (NYSE:NOV) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the company posted $0.39 earnings per share. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, research analysts anticipate that NOV Inc. will post 1.63 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $0.075 per share. The ex-dividend date is Friday, September 13th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.83%. NOV’s payout ratio is currently 12.05%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NOV. Goldman Sachs Group Inc. raised its holdings in NOV by 95.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock valued at $17,846,000 after acquiring an additional 429,104 shares in the last quarter. Wintrust Investments LLC raised its holdings in NOV by 631.6% in the first quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock valued at $1,600,000 after acquiring an additional 70,743 shares in the last quarter. Stanley Laman Group Ltd. acquired a new stake in NOV in the second quarter valued at $4,031,000. Edmond DE Rothschild Holding S.A. raised its holdings in NOV by 16.1% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 2,200,000 shares of the oil and gas exploration company’s stock valued at $44,616,000 after acquiring an additional 305,000 shares in the last quarter. Finally, Schroder Investment Management Group raised its holdings in NOV by 71.3% in the fourth quarter. Schroder Investment Management Group now owns 1,092,422 shares of the oil and gas exploration company’s stock valued at $22,154,000 after acquiring an additional 454,665 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Company Profile

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally. It operates through two segments, Energy Equipment, and Energy Products and Services. The company provides solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.