NOV (NYSE:NOV) Hits New 52-Week Low – Here’s Why

NOV Inc. (NYSE:NOV) hit a new 52-week low during trading on Tuesday . The stock traded as low as $13.81 and last traded at $13.93, with a volume of 69854 shares traded. The stock had previously closed at $14.21.

Analyst Ratings Changes

NOV has been the subject of a number of research analyst reports. ATB Capital reaffirmed a “sector perform” rating and set a $19.00 price objective on shares of NOV in a report on Tuesday, December 10th. Citigroup cut shares of NOV from a “buy” rating to a “neutral” rating and reduced their price target for the company from $21.00 to $18.00 in a research report on Monday, November 11th. Wells Fargo & Company lowered their price objective on shares of NOV from $16.00 to $15.00 and set an “underweight” rating for the company in a report on Monday, November 4th. Barclays increased their target price on shares of NOV from $12.00 to $13.00 and gave the company an “underweight” rating in a report on Tuesday, February 18th. Finally, Raymond James boosted their price target on shares of NOV from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $19.60.

NOV Price Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.64 and a current ratio of 2.46. The firm has a market cap of $5.33 billion, a P/E ratio of 8.70, a price-to-earnings-growth ratio of 1.02 and a beta of 1.66. The business has a 50-day simple moving average of $15.01 and a 200 day simple moving average of $15.74.

NOV (NYSE:NOV) last announced its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.06. NOV had a net margin of 7.16% and a return on equity of 9.88%. On average, analysts anticipate that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Friday, March 14th. NOV’s dividend payout ratio is presently 18.63%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NOV. Huntington National Bank increased its stake in shares of NOV by 88.7% during the fourth quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company’s stock valued at $32,000 after purchasing an additional 1,034 shares in the last quarter. Covestor Ltd increased its position in NOV by 282.9% during the 4th quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company’s stock valued at $33,000 after buying an additional 1,655 shares in the last quarter. UMB Bank n.a. raised its stake in NOV by 222.3% during the fourth quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after buying an additional 1,612 shares during the last quarter. Quarry LP bought a new stake in NOV in the third quarter worth $36,000. Finally, Signaturefd LLC grew its stake in shares of NOV by 41.3% in the fourth quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock worth $38,000 after acquiring an additional 756 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other 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.