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

NOV Inc. (NYSE:NOV) shares 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 trading hands. The stock had previously closed at $15.70.

A number of other analysts have also recently commented on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $24.00 price objective on shares of NOV in a research report on Monday, July 29th. 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 report on Friday, October 11th. Piper Sandler dropped their target price on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Morgan Stanley reduced their price target on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Finally, TD Cowen lifted their price objective on NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $22.57.

Hedge Funds Weigh In On NOV

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wedmont Private Capital boosted its position in shares of NOV by 5.2% during the 1st quarter. Wedmont Private Capital now owns 12,992 shares of the oil and gas exploration company’s stock valued at $263,000 after acquiring an additional 643 shares during the last quarter. Mather Group LLC. grew its holdings in shares of NOV by 17.2% in the second quarter. Mather Group LLC. now owns 5,706 shares of the oil and gas exploration company’s stock valued at $111,000 after purchasing an additional 839 shares during the period. GAMMA Investing LLC grew its holdings in shares of NOV by 18.2% in the second quarter. GAMMA Investing LLC now owns 5,496 shares of the oil and gas exploration company’s stock valued at $104,000 after purchasing an additional 848 shares during the period. Quadrature Capital Ltd grew its holdings in shares of NOV by 3.1% in the first quarter. Quadrature Capital Ltd now owns 29,481 shares of the oil and gas exploration company’s stock valued at $576,000 after purchasing an additional 889 shares during the period. Finally, Truist Financial Corp grew its holdings in shares of NOV by 3.4% in the second quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock valued at $565,000 after purchasing an additional 991 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The stock’s fifty day moving average is $16.83 and its 200-day moving average is $18.07. The stock has a market cap of $6.17 billion, a PE ratio of 6.30, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67.

NOV (NYSE:NOV) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the firm posted $0.39 earnings per share. NOV’s quarterly revenue was up 5.9% on a year-over-year basis. As a group, equities analysts anticipate that NOV Inc. will post 1.64 EPS for the current year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders 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 dividend on an annualized basis and a yield of 1.92%. NOV’s 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.