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

NOV Inc. (NYSE:NOV)’s stock price reached a new 52-week low during mid-day 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. The stock had previously closed at $15.70.

Several other analysts have also recently weighed in on NOV. Stifel Nicolaus decreased their price objective on shares of NOV from $26.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. JPMorgan Chase & Co. decreased their price objective 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. Evercore ISI raised shares of NOV to a “strong-buy” rating in a research note on Friday, July 26th. Bank of America decreased their price objective on shares of NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday. Finally, BMO Capital Markets decreased 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 note on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.57.

Hedge Funds Weigh In On NOV

Several large investors have recently bought and sold shares of the business. Pzena Investment Management LLC lifted its holdings in NOV by 0.3% in the second quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock valued at $668,694,000 after buying an additional 103,238 shares during the period. Dimensional Fund Advisors LP raised its holdings in NOV by 40.0% in 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 period. Bank of New York Mellon Corp raised its holdings in NOV by 67.2% in the second 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 purchasing an additional 3,989,095 shares during the period. Boston Partners acquired a new stake in NOV in the first quarter worth $119,686,000. Finally, AQR Capital Management LLC raised its holdings in NOV by 232.6% in 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 during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Trading Down 0.5 %

The company’s fifty day simple moving average is $16.78 and its two-hundred day simple moving average is $18.05. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of 6.27, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67.

NOV (NYSE:NOV) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.22. The company had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period last year, the business posted $0.39 earnings per share. Research analysts forecast that NOV Inc. will post 1.64 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a $0.075 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.30 annualized dividend and a yield of 1.92%. NOV’s dividend payout ratio is currently 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.