NOV (NYSE:NOV) Lowered to “Neutral” Rating by Citigroup

Citigroup lowered shares of NOV (NYSE:NOV) from a buy rating to a neutral rating in a research report report published on Monday morning, MarketBeat reports. They currently have $18.00 target price on the oil and gas exploration company’s stock, down from their previous target price of $21.00.

Other equities analysts also recently issued reports about the stock. Piper Sandler cut their price objective on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. TD Cowen dropped their price objective on NOV from $28.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, October 28th. 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 research report on Thursday, October 10th. Morgan Stanley lowered their price objective on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Finally, Barclays reduced their target price on NOV from $17.00 to $16.00 and set an “underweight” rating on the stock in a report on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $21.64.

NOV Price Performance

NOV stock opened at $16.21 on Monday. NOV has a one year low of $14.98 and a one year high of $21.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65. The stock’s 50 day moving average is $16.02 and its 200 day moving average is $17.54. The firm has a market cap of $6.31 billion, a P/E ratio of 5.98, a P/E/G ratio of 0.96 and a beta of 1.66.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.85%. NOV’s payout ratio is 11.07%.

Institutional Trading of NOV

A number of hedge funds and other institutional investors have recently bought and sold shares of NOV. Norden Group LLC bought a new stake in shares of NOV in the first quarter valued at about $196,000. Janney Montgomery Scott LLC increased its holdings in shares of NOV by 41.6% in the first quarter. Janney Montgomery Scott LLC now owns 19,223 shares of the oil and gas exploration company’s stock valued at $375,000 after purchasing an additional 5,646 shares during the period. Sei Investments Co. raised its stake in shares of NOV by 1.4% in the first quarter. Sei Investments Co. now owns 638,976 shares of the oil and gas exploration company’s stock worth $12,473,000 after purchasing an additional 9,055 shares during the last quarter. Headlands Technologies LLC purchased a new stake in NOV in the first quarter valued at approximately $353,000. Finally, Entropy Technologies LP purchased a new position in NOV during the 1st quarter worth approximately $229,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.