Reasons why NOV Inc.’s (NYSE:NOV) fundamentals are futile

In yesterday’s Wall Street session, NOV Inc. (NYSE:NOV) shares traded at $20.45, down -3.72% from the previous session.

25 analysts cover NOV Inc. (NYSE:NOV), according to research data. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $30.00 and a low of $18.00, we find $24.00. Given the previous closing price of $21.24, this indicates a potential upside of 12.99 percent. NOV stock price is now 4.07% away from the 50-day moving average and 5.57% away from the 200-day moving average. The market capitalization of the company currently stands at $8.06B.

The stock has received a hold rating from 9 analysts and a buy rating from 13. Brokers who have rated the stock have averaged $24.57 as their price target over the next twelve months.

With the price target of $20, CapitalOne recently initiated with Equal Weight rating for NOV Inc. (NYSE: NOV).

In other news, MATTSON ERIC L, Director sold 20,681 shares of the company’s stock on Feb 28. The stock was sold for $452,919 at an average price of $21.90. Upon completion of the transaction, the Director now directly owns 46,600 shares in the company, valued at $0.95 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Feb 27, VP, Corp. Controller, CAO Novak Christy Lynn sold 9,607 shares of the business’s stock. A total of $210,019 was realized by selling the stock at an average price of $21.86. This leaves the insider owning 84,600 shares of the company worth $1.73 million. Insiders disposed of 255,712 shares of company stock worth roughly $5.23 million over the past 1 year. A total of 0.10% of the company’s stock is owned by insiders.

There have been several recent changes in the stakes of large investors in NOV stock. A new stake in NOV Inc. shares was purchased by RENAISSANCE TECHNOLOGIES LLC during the first quarter worth $25,912,000. KILTEARN PARTNERS LLP invested $18,902,000 in shares of NOV during the first quarter. In the first quarter, KGH LTD acquired a new stake in NOV Inc. valued at approximately $12,679,000. CAMBIAR INVESTORS LLC acquired a new stake in NOV for approximately $5,013,000. AXA S.A. purchased a new stake in NOV valued at around $4,172,000 in the second quarter. In total, there are 526 active investors with 97.10% ownership of the company’s stock.

On Wednesday morning NOV Inc. (NYSE: NOV) stock kicked off with the opening price of $21.28. During the past 12 months, NOV Inc. has had a low of $14.05 and a high of $24.83. As of last week, the company has a debt-to-equity ratio of 0.36, a current ratio of 2.40, and a quick ratio of 1.40. According to the stock market information, the enterprise value for the company is $9.85B, which is based on a 19.40 price-to-earnings ratio, a 0.54 price-to-earnings-growth ratio, and a beta of 1.91. The fifty day moving average price for NOV is $19.73 and a two-hundred day moving average price translates $19.36 for the stock.

The latest earnings results from NOV Inc. (NYSE: NOV) was released for Jun, 2023. According to the Oil & Gas Equipment & Services Company, earnings per share came in at $0.39, beating analysts’ expectations of $0.3 by 0.09. This compares to $0.18 EPS in the same period last year. The net profit margin was 5.20% and return on equity was 8.10% for NOV. The company reported revenue of $2.09 billion for the quarter, compared to $1.73 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 21.19 percent. For the current quarter, analysts expect NOV to generate $2.13B in revenue.

Moreover, the firm recently paid out its quarterly dividend on 09/29/2023. Investors who held shares on 09/15/2023 were paid a $0.05 dividend. On an annualized basis, this represents a $0.20 dividend and a 0.98% percent yield. There was an ex-dividend date of 09/14/2023 for this dividend. In terms of dividend payout ratio, NOV is presently at 18.80%.

NOV Inc.(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 worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. It provides solids control and waste management equipment and services; portable power generation products; drill and wired pipes; drilling optimization and automation services; tubular inspection, repair, and coating services; instrumentation; measuring and monitoring services; downhole and fishing tools; steerable technologies; and drill bits. The company also offers equipment and technologies for hydraulic fracture stimulation, including downhole multistage fracturing tools, pressure pumping trucks, blenders, sanders, hydration and injection units, flowline, and manifolds; coiled tubing units, and wireline units and tools; connections and liner hangers; onshore production consists of composite pipe, surface transfer and progressive cavity pumps, and artificial lift systems; and offshore production, such as floating production systems and subsea production technologies, as well as manufactures industrial pumps and mixers. In addition, it provides substructures, derricks, and masts; cranes; jacking systems; pipe lifting, racking, rotating, and assembly systems; mud pumps; pressure control equipment; drives and generators; rig instrumentation and control systems; mooring, anchor, and deck handling machinery; equipment components for offshore wind construction vessels; and pipelay and construction systems. Further, the company offers spare parts, repair, and rentals as well as comprehensive remote equipment monitoring, technical support, field service, and customer training. The company was formerly known as National Oilwell Varco, Inc. and changed its name to NOV Inc. in January 2021. NOV Inc. was founded in 1862 and is based in Houston, Texas.