NOV (NYSE:NOV) Reaches New 1-Year Low After Analyst Downgrade

NOV Inc. (NYSE:NOV) hit a new 52-week low during mid-day trading on Thursday after Barclays lowered their price target on the stock from $16.00 to $12.00. Barclays currently has an underweight rating on the stock. NOV traded as low as $14.09 and last traded at $14.19, with a volume of 6665533 shares changing hands. The stock had previously closed at $14.56.

NOV has been the topic of several other reports. Atb Cap Markets lowered NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Citigroup downgraded shares of NOV from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $21.00 to $18.00 in a research report on Monday, November 11th. Morgan Stanley decreased their price objective on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Susquehanna cut their target price on shares of NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a report on Monday, October 28th. Finally, Wells Fargo & Company lowered their target price on NOV from $16.00 to $15.00 and set an “underweight” rating for the company in a report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.14.

Insider Activity at NOV

In other news, Director David D. Harrison sold 1,784 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total transaction of $28,722.40. Following the completion of the sale, the director now owns 110,951 shares in the company, valued at approximately $1,786,311.10. This represents a 1.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.85% of the company’s stock.

Institutional Investors Weigh In On NOV

A number of institutional investors and hedge funds have recently modified their holdings of NOV. Deprince Race & Zollo Inc. lifted its stake in NOV by 1,194.1% during the second quarter. Deprince Race & Zollo Inc. now owns 1,706,017 shares of the oil and gas exploration company’s stock valued at $32,431,000 after buying an additional 1,574,188 shares in the last quarter. WINTON GROUP Ltd grew its stake in NOV by 1,866.3% during the 2nd quarter. WINTON GROUP Ltd now owns 841,078 shares of the oil and gas exploration company’s stock valued at $15,989,000 after acquiring an additional 798,303 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of NOV by 1,590.1% in the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock valued at $46,000 after purchasing an additional 2,735 shares during the period. Bank of Montreal Can grew its position in NOV by 519.1% during the third quarter. Bank of Montreal Can now owns 438,068 shares of the oil and gas exploration company’s stock valued at $7,000,000 after purchasing an additional 367,308 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of NOV in the third quarter worth $35,709,000. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Price Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. The company has a market capitalization of $5.47 billion, a PE ratio of 5.19, a P/E/G ratio of 0.87 and a beta of 1.66. The stock has a 50 day moving average price of $15.70 and a two-hundred day moving average price of $17.00.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.075 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.13%. NOV’s dividend payout ratio is currently 11.07%.

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.