NOV (NYSE:NOV) Hits New 12-Month Low at $16.17

NOV Inc. (NYSE:NOV)’s share price hit a new 52-week low during trading on Tuesday . The stock traded as low as $16.17 and last traded at $16.19, with a volume of 36339 shares trading hands. The stock had previously closed at $16.23.

Analyst Upgrades and Downgrades

NOV has been the subject of a number of recent research reports. Benchmark reissued a “hold” rating on shares of NOV in a report on Friday, July 26th. Bank of America cut their price objective on shares of NOV from $24.00 to $22.00 and set a “buy” rating for the company in a report on Monday, July 15th. TD Cowen raised their target price on shares of NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Evercore ISI upgraded shares of NOV to a “strong-buy” rating in a report on Friday, July 26th. Finally, Barclays boosted their target price on NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have given 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 target price of $24.58.

NOV Trading Down 1.6 %

The company has a 50-day simple moving average of $18.21 and a 200-day simple moving average of $18.44. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61. The stock has a market cap of $6.29 billion, a P/E ratio of 6.52, a P/E/G ratio of 0.49 and a beta of 1.67.

NOV (NYSE:NOV) last issued its quarterly 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 during the quarter, compared to analysts’ expectations of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the business earned $0.39 EPS. On average, sell-side analysts forecast that NOV Inc. will post 1.63 EPS for the current fiscal year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Friday, September 13th. NOV’s dividend payout ratio (DPR) is currently 12.05%.

Institutional Trading of NOV

Large investors have recently bought and sold shares of the business. Pzena Investment Management LLC boosted its holdings in NOV by 0.3% during the second quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock worth $668,694,000 after purchasing an additional 103,238 shares during the last quarter. Dimensional Fund Advisors LP lifted 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 buying an additional 3,470,860 shares during the period. Bank of New York Mellon Corp grew its stake in shares of NOV by 67.2% in the 2nd 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 buying an additional 3,989,095 shares during the last quarter. Balyasny Asset Management L.P. lifted its position in NOV by 769.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock valued at $125,048,000 after acquiring an additional 5,456,581 shares in the last quarter. Finally, Boston Partners bought a new stake in shares of NOV in the first quarter worth $119,686,000. 93.27% of the stock is owned by institutional investors and hedge funds.

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.