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

Shares of NOV Inc. (NYSE:NOV) reached 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 traded. The stock had previously closed at $14.56.

Several other brokerages have also recently weighed in on NOV. TD Cowen dropped their price target on shares of NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, October 28th. ATB Capital restated a “sector perform” rating and issued a $19.00 target price on shares of NOV in a report on Tuesday, December 10th. Citigroup downgraded NOV from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $21.00 to $18.00 in a report on Monday, November 11th. BMO Capital Markets dropped their price objective on NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research note on Thursday, October 10th. Finally, Morgan Stanley reduced their target price 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. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.14.

Insider Activity at NOV

In other NOV news, Director David D. Harrison sold 1,784 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total value of $28,722.40. Following the sale, the director now directly owns 110,951 shares in the company, valued at $1,786,311.10. The trade was a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pzena Investment Management LLC raised its stake in NOV by 22.3% in the 3rd quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company’s stock valued at $687,143,000 after acquiring an additional 7,851,220 shares during the period. Hotchkis & Wiley Capital Management LLC raised its position in shares of NOV by 23.1% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 37,153,173 shares of the oil and gas exploration company’s stock valued at $593,336,000 after purchasing an additional 6,963,660 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of NOV by 40.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after buying an additional 3,470,860 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in 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 buying an additional 3,989,095 shares during the period. Finally, AQR Capital Management LLC grew its stake in NOV by 232.6% in the 2nd quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock valued at $92,938,000 after buying an additional 3,418,885 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

NOV Price Performance

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

NOV Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a dividend of $0.075 per share. The ex-dividend date was Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a yield of 2.13%. 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.