NOV (NYSE:NOV) Reaches New 52-Week High – Here’s Why

Shares of NOV Inc. (NYSE:NOV) reached a new 52-week high on Thursday . The company traded as high as $21.60 and last traded at $21.4650, with a volume of 804 shares traded. The stock had previously closed at $21.08.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on NOV. TD Cowen raised shares of NOV from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 29th. Weiss Ratings reissued a “hold (c)” rating on shares of NOV in a report on Friday, March 27th. Morgan Stanley boosted their price objective on shares of NOV from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Capital One Financial upgraded shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 price objective for the company in a research report on Thursday, June 4th. Finally, Susquehanna boosted their price objective on shares of NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a research report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, NOV currently has a consensus rating of “Hold” and a consensus target price of $20.43.

NOV Stock Down 0.5%

The business has a 50-day simple moving average of $20.07 and a two-hundred day simple moving average of $18.58. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.47. The company has a market capitalization of $7.53 billion, a price-to-earnings ratio of 87.46 and a beta of 0.89.

NOV (NYSE:NOV) last released its earnings results on Tuesday, April 28th. 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 company had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.05 billion. NOV had a net margin of 1.05% and a return on equity of 3.34%. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 EPS. As a group, equities analysts predict that NOV Inc. will post 0.91 EPS for the current year.

NOV Dividend Announcement

The business also recently announced a special dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a dividend yield of 180.0%. NOV’s payout ratio is presently 150.00%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of NOV. Price T Rowe Associates Inc. MD increased its holdings in shares of NOV by 1,743.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company’s stock valued at $79,080,000 after purchasing an additional 4,785,015 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of NOV by 401.9% in the second quarter. Ameriprise Financial Inc. now owns 3,165,518 shares of the oil and gas exploration company’s stock valued at $39,347,000 after purchasing an additional 2,534,815 shares during the period. American Century Companies Inc. increased its holdings in shares of 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 valued at $100,654,000 after purchasing an additional 2,304,975 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of NOV by 76.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,721,997 shares of the oil and gas exploration company’s stock valued at $42,545,000 after buying an additional 1,178,838 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in NOV during the third quarter worth $14,114,000. Institutional investors and hedge funds 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.