NOV (NYSE:NOV) Reaches New 1-Year Low – Here’s Why

NOV Inc. (NYSE:NOV) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $15.24 and last traded at $15.28, with a volume of 821744 shares changing hands. The stock had previously closed at $15.41.

Analyst Ratings Changes

Several research analysts have recently commented on the company. TD Cowen raised their price target on NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. cut their price target on shares of NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Morgan Stanley lowered their price objective on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Bank of America reduced their target price on shares of NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Finally, Barclays cut their price objective on NOV from $20.00 to $17.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.57.

NOV Trading Up 3.0 %

The firm has a market cap of $6.19 billion, a PE ratio of 6.06, a P/E/G ratio of 0.89 and a beta of 1.67. The company’s fifty day moving average price is $16.54 and its two-hundred day moving average price is $17.89. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas exploration company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.23 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. As a group, sell-side analysts forecast that NOV Inc. will post 1.6 earnings per share for the current fiscal year.

NOV Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date was Friday, September 13th. NOV’s dividend payout ratio (DPR) is currently 11.24%.

Hedge Funds Weigh In On NOV

Institutional investors and hedge funds have recently made changes to their positions in the stock. Boston Partners purchased a new stake in NOV during the first quarter worth about $119,686,000. Bank of New York Mellon Corp grew its holdings in shares of NOV by 67.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after acquiring an additional 3,989,095 shares during the period. Pzena Investment Management LLC increased its stake in NOV by 12.7% in the 1st quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock valued at $684,618,000 after purchasing an additional 3,946,504 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in NOV by 40.0% during the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock worth $230,743,000 after purchasing an additional 3,470,860 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in NOV by 232.6% during the second quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock worth $92,938,000 after purchasing an additional 3,418,885 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

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.