Stifel analyst Stephen Gengaro lowered the firm’s price target on NOV Inc. (NOV) to $24 from $25 and keeps a Buy rating on the shares. NOV’s better-than-anticipated Q3 adjusted EBITDA and strong free cash flow should support NOV’s previously announced large capital return framework, which includes a recent 50% dividend hike, a $1B buyback, and a supplemental dividend to top off the annual cash returns to shareholders totaling 50% of free cash flow, the analyst tells investors.
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Read More on NOV:
- NOV Inc. price target lowered to $22 from $28 at TD Cowen
- NOV Inc. price target lowered to $21 from $22 at Susquehanna
- NOV Inc. sees 2024 adjusted EBITDA at lower end of previous $1.10B-$1.18B view
- NOV Inc. reports Q3 EPS 33c, consensus 36c
- NOV Inc. sees Q4 revenue growth down 3%-5% vs. last year, consensus $2.36B