NOV (NYSE:NOV) Cut to “Hold” at Seaport Res Ptn

Seaport Res Ptn lowered shares of NOV (NYSE:NOV) from a strong-buy rating to a hold rating in a research note released on Sunday morning,Zacks.com reports.

Several other equities analysts also recently commented on the stock. Citigroup downgraded shares of NOV from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $21.00 to $18.00 in a report on Monday, November 11th. Wells Fargo & Company dropped their target price on NOV from $16.00 to $15.00 and set an “underweight” rating for the company in a report on Monday, November 4th. Atb Cap Markets downgraded shares of NOV from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. TD Cowen reduced 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. Finally, Susquehanna decreased their price target on shares of NOV from $22.00 to $21.00 and set a “positive” rating for the company in a research note on Monday, October 28th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, NOV currently has a consensus rating of “Hold” and a consensus target price of $20.14.

NOV Stock Up 0.9 %

NOV opened at $14.90 on Friday. NOV has a twelve month low of $13.94 and a twelve month high of $21.23. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average price of $15.42 and a 200-day moving average price of $16.70. The stock has a market capitalization of $5.80 billion, a price-to-earnings ratio of 5.50, a PEG ratio of 0.87 and a beta of 1.66.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend was Friday, December 6th. NOV’s dividend payout ratio (DPR) is 11.07%.

Insiders Place Their Bets

In related news, Director David D. Harrison sold 1,784 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total transaction of $28,722.40. Following the completion of the transaction, the director now directly owns 110,951 shares of the company’s stock, valued at $1,786,311.10. This represents a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NOV. Natixis Advisors LLC raised its holdings in shares of NOV by 21.4% in the 2nd quarter. Natixis Advisors LLC now owns 60,544 shares of the oil and gas exploration company’s stock worth $1,151,000 after purchasing an additional 10,652 shares during the period. Arizona State Retirement System boosted its stake in NOV by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 110,303 shares of the oil and gas exploration company’s stock valued at $2,097,000 after purchasing an additional 2,043 shares during the period. Wedbush Securities Inc. grew its holdings in NOV by 10.6% in the 2nd quarter. Wedbush Securities Inc. now owns 13,692 shares of the oil and gas exploration company’s stock worth $260,000 after buying an additional 1,317 shares in the last quarter. Texas Permanent School Fund Corp grew its stake in shares of NOV by 4.5% in the second quarter. Texas Permanent School Fund Corp now owns 360,355 shares of the oil and gas exploration company’s stock worth $6,850,000 after purchasing an additional 15,594 shares in the last quarter. Finally, SIR Capital Management L.P. increased its stake in NOV by 29.9% during the 2nd quarter. SIR Capital Management L.P. now owns 654,000 shares of the oil and gas exploration company’s stock valued at $12,433,000 after buying an additional 150,400 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.