NOV (NYSE:NOV) Reaches New 12-Month Low After Analyst Downgrade

NOV Inc. (NYSE:NOV) shares reached a new 52-week low during trading on Thursday after Barclays lowered their price target on the stock from $20.00 to $17.00. Barclays currently has an underweight rating on the stock. NOV traded as low as $15.42 and last traded at $15.60, with a volume of 110161 shares trading hands. The stock had previously closed at $15.70.

Several other brokerages have also recently commented on NOV. Evercore ISI raised shares of NOV to a “strong-buy” rating in a research report on Friday, July 26th. Wells Fargo & Company cut shares of NOV from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $20.00 to $16.00 in a research report on Wednesday, September 25th. TD Cowen boosted their price target on shares of NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. BMO Capital Markets cut their price target on shares of NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research report on Thursday, October 10th. Finally, Citigroup cut their price target on shares of NOV from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.57.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rise Advisors LLC acquired a new position in NOV in the 1st quarter valued at about $26,000. Rothschild Investment LLC bought a new stake in NOV in the 2nd quarter valued at about $28,000. Riverview Trust Co bought a new stake in NOV in the 1st quarter valued at about $39,000. American National Bank & Trust bought a new stake in NOV in the 3rd quarter valued at about $39,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in NOV in the 2nd quarter valued at about $78,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Stock Down 0.5 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61. The stock has a market cap of $6.18 billion, a P/E ratio of 6.27, a P/E/G ratio of 0.47 and a beta of 1.67. The stock’s fifty day simple moving average is $16.78 and its 200-day simple moving average is $18.05.

NOV (NYSE:NOV) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share 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 company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the firm posted $0.39 EPS. The firm’s quarterly revenue was up 5.9% on a year-over-year basis. As a group, research analysts forecast that NOV Inc. will post 1.64 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Friday, September 13th. NOV’s dividend payout ratio (DPR) is presently 12.05%.

About NOV

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.