NOV (NYSE:NOV) Reaches New 52-Week Low on Analyst Downgrade

NOV Inc. (NYSE:NOV)’s stock price hit a new 52-week low during 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 trading hands. The stock had previously closed at $14.56.

A number of other research firms have also commented on NOV. Susquehanna reduced their price target on shares of NOV from $22.00 to $21.00 and set a “positive” rating for the company in a research report on Monday, October 28th. Atb Cap Markets cut NOV from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. lowered their price target on NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. ATB Capital reissued a “sector perform” rating and set a $19.00 price objective on shares of NOV in a report on Tuesday, December 10th. Finally, Citigroup downgraded shares of NOV from a “buy” rating to a “neutral” rating and lowered their target price for the company from $21.00 to $18.00 in a research note on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, NOV has a consensus rating of “Hold” and a consensus target price of $20.14.

Insider Activity

In related news, Director David D. Harrison sold 1,784 shares of NOV stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the transaction, the director now owns 110,951 shares in the company, valued at $1,786,311.10. This trade represents a 1.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Rothschild Investment LLC purchased a new stake in NOV during the 2nd quarter valued at about $28,000. Quarry LP bought a new stake in NOV in the third quarter valued at approximately $36,000. American National Bank & Trust purchased a new stake in shares of NOV during the third quarter valued at approximately $39,000. International Assets Investment Management LLC grew its holdings in shares of NOV by 1,590.1% in the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 2,735 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of NOV in the third quarter worth $48,000. 93.27% of the stock is owned by institutional investors.

NOV Stock Up 0.1 %

The company has a market capitalization of $5.47 billion, a P/E ratio of 5.19, a price-to-earnings-growth ratio of 0.87 and a beta of 1.66. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. The stock’s fifty day moving average is $15.70 and its 200 day moving average is $17.00.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Friday, December 6th. NOV’s dividend payout ratio (DPR) is 11.07%.

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 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.