NOV (NYSE:NOV) Downgraded to “Hold” Rating by Seaport Res Ptn

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

Several other equities research analysts also recently commented on NOV. Piper Sandler assumed coverage on shares of NOV in a research report on Thursday, December 19th. They set a “neutral” rating and a $17.00 target price on the stock. 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. Citigroup downgraded NOV from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $21.00 to $18.00 in a report on Monday, November 11th. Atb Cap Markets lowered shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Finally, Stifel Nicolaus reduced their price objective on shares of NOV from $25.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 28th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.14.

NOV Price Performance

Shares of NOV opened at $14.78 on Friday. The company has a 50 day moving average of $15.43 and a 200-day moving average of $16.72. 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 stock has a market capitalization of $5.75 billion, a P/E ratio of 5.45, a P/E/G ratio of 0.87 and a beta of 1.66. NOV has a twelve month low of $13.94 and a twelve month high of $21.23.

NOV Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.03%. NOV’s dividend payout ratio is presently 11.07%.

Insider Activity at NOV

In other news, Director David D. Harrison sold 1,784 shares of the business’s stock in a transaction on 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 in the company, valued at $1,786,311.10. The trade was a 1.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NOV. Pzena Investment Management LLC raised its position in shares of NOV by 22.3% during 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 buying an additional 7,851,220 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of NOV by 23.1% during the 3rd 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 buying an additional 6,963,660 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake 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 buying an additional 3,470,860 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of NOV by 232.6% during 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 acquiring an additional 3,418,885 shares in the last quarter. Finally, Weiss Asset Management LP bought a new stake in NOV in the third quarter worth $35,709,000. 93.27% of the stock is currently owned by institutional investors.

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.