NOV (NYSE:NOV) Reaches New 12-Month Low – Here’s What Happened

Shares of NOV Inc. (NYSE:NOV) hit a new 52-week low during trading on Wednesday . The stock traded as low as $15.24 and last traded at $15.28, with a volume of 821744 shares. The stock had previously closed at $15.41.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Benchmark restated a “hold” rating on shares of NOV in a research note on Friday, July 26th. Citigroup dropped their target price on shares of NOV from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. Stifel Nicolaus reduced their target price on shares of NOV from $26.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Wells Fargo & Company lowered shares of NOV from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $20.00 to $16.00 in a report on Wednesday, September 25th. Finally, BMO Capital Markets reduced their price objective on NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, NOV presently has an average rating of “Moderate Buy” and a consensus target price of $22.57.

NOV Stock Performance

The stock has a market cap of $6.02 billion, a P/E ratio of 6.19, a PEG ratio of 0.47 and a beta of 1.67. The stock has a fifty day simple moving average of $16.64 and a 200-day simple moving average of $17.92. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV) last released its quarterly earnings data 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. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter last year, the firm earned $0.39 EPS. NOV’s quarterly revenue was up 5.9% compared to the same quarter last year. Equities analysts expect that NOV Inc. will post 1.64 earnings per share for the current fiscal year.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.075 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.30 dividend on an annualized basis and a yield of 1.97%. NOV’s payout ratio is 12.05%.

Institutional Trading of NOV

A number of large investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its position in shares of NOV by 95.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock worth $17,846,000 after acquiring an additional 429,104 shares in the last quarter. Wintrust Investments LLC increased its holdings in NOV by 631.6% during the 1st quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock worth $1,600,000 after purchasing an additional 70,743 shares in the last quarter. Stanley Laman Group Ltd. acquired a new stake in shares of NOV in the 2nd quarter valued at about $4,031,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of NOV by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock valued at $75,813,000 after purchasing an additional 42,717 shares in the last quarter. Finally, Deprince Race & Zollo Inc. boosted its position in shares of NOV by 1,194.1% during the second quarter. Deprince Race & Zollo Inc. now owns 1,706,017 shares of the oil and gas exploration company’s stock worth $32,431,000 after buying an additional 1,574,188 shares during the period. 93.27% of the stock is 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.