NOV (NYSE:NOV) Hits New 52-Week Low Following Analyst Downgrade

NOV Inc. (NYSE:NOV) shares reached a new 52-week low 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. The stock had previously closed at $14.56.

NOV has been the topic of several other reports. Susquehanna cut their price target 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. TD Cowen cut their target price on NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. BMO Capital Markets decreased their price target on NOV from $22.00 to $20.00 and set a “market perform” rating for the company in a research report on Thursday, October 10th. Morgan Stanley cut their price objective on NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. decreased their target price on NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, NOV presently has a consensus rating of “Hold” and an average target price of $20.36.

Insiders Place Their Bets

In other NOV 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 sale, the director now owns 110,951 shares in the company, valued at $1,786,311.10. This represents a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.85% of the company’s stock.

Institutional Trading of NOV

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tidal Investments LLC boosted its holdings in NOV by 20.8% in the 3rd quarter. Tidal Investments LLC now owns 21,200 shares of the oil and gas exploration company’s stock valued at $339,000 after purchasing an additional 3,645 shares during the period. Barclays PLC boosted its stake in NOV by 120.1% during the third quarter. Barclays PLC now owns 473,545 shares of the oil and gas exploration company’s stock valued at $7,561,000 after buying an additional 258,392 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in NOV during the third quarter worth about $1,713,000. XTX Topco Ltd bought a new position in NOV in the 3rd quarter worth about $955,000. Finally, Wolverine Trading LLC raised its holdings in shares of NOV by 29.1% in the 3rd quarter. Wolverine Trading LLC now owns 17,688 shares of the oil and gas exploration company’s stock valued at $283,000 after acquiring an additional 3,988 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

NOV Trading Down 2.5 %

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 stock has a market cap of $5.52 billion, a P/E ratio of 5.24, a P/E/G ratio of 0.87 and a beta of 1.66. The stock has a 50-day moving average price of $15.74 and a 200-day moving average price of $17.02.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.30 annualized dividend and a yield of 2.11%. NOV’s payout ratio is presently 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.