Shares of NOV Inc. (NYSE:NOV) have garnered a consensus recommendation of “Hold” from analysts covering the company, according to Marketbeat.com. A total of seventeen research firms have evaluated the stock, revealing a split in opinions. Three analysts recommend selling the stock, nine suggest holding it, while five believe it is a buying opportunity. The average twelve-month price target for NOV stands at $15.38, reflecting the varying assessments from these firms.
Several analysts have recently updated their ratings on NOV. In a report released on Tuesday, Barclays lowered its target price from $14.00 to $13.00, assigning an “underweight” rating. Meanwhile, Evercore ISI reduced its price objective from $15.00 to $14.00 and maintained an “in-line” rating. Conversely, the Goldman Sachs Group increased its target from $12.00 to $14.00, although they still hold a “sell” rating. On October 8, Citigroup raised its target from $13.00 to $14.00, giving the stock a “neutral” rating. Lastly, JPMorgan Chase & Co. cut its rating from “overweight” to “neutral” and adjusted its price target from $17.00 to $15.00 in a report dated July 30.
Stock Performance and Financial Metrics
On October 27, 2023, shares of NOV opened at $15.70. The company boasts a market capitalization of $5.72 billion and a price-to-earnings (P/E) ratio of 15.70. Key financial metrics include a debt-to-equity ratio of 0.26 and a current ratio of 2.55. Over the past year, NOV has experienced a 12-month low of $10.84 and a high of $16.84.
The company’s recent quarterly earnings report, released on the same day, stated earnings per share (EPS) of $0.11, falling short of the consensus estimate of $0.24 by $0.13. Revenue for the quarter was $2.18 billion, slightly surpassing analysts’ expectations of $2.14 billion. This marks a 0.7% decline in revenue compared to the same quarter last year, during which NOV reported an EPS of $0.33. Analysts forecast a projected EPS of 1.4 for the current fiscal year.
Dividend Announcement and Company Overview
In addition to the earnings report, NOV recently declared a quarterly dividend. Stockholders of record on September 12 received a dividend of $0.075 per share, translating to an annualized dividend of $0.30 and a yield of 1.9%. The ex-dividend date was also September 12, and NOV currently has a payout ratio of 30.00%.
Founded in the United States, NOV Inc. designs and manufactures systems, components, and products for the oil and gas drilling, production, and renewable energy sectors. The company operates through two main segments: Energy Equipment and Energy Products and Services. Its offerings include solids control and waste management equipment, managed pressure drilling, drilling fluids, and premium drillpipe, among others.
As NOV navigates a complex market landscape, these insights from analysts provide a clearer picture of investor sentiment and the company’s financial health, setting the stage for potential future developments in the coming months.
