NOV (NYSE:NOV) Cut to "Neutral" at Citigroup

NOV (NYSE:NOV - Get Free Report) was downgraded by equities researchers at Citigroup from a "buy" rating to a "neutral" rating in a research note issued on Monday, Marketbeat.com reports. They currently have a $18.00 target price on the oil and gas exploration company's stock, down from their prior target price of $21.00. Citigroup's price objective points to a potential upside of 9.36% from the stock's previous close.

Other equities analysts also recently issued reports about the stock. Benchmark reissued a "hold" rating on shares of NOV in a research note on Friday, July 26th. Stifel Nicolaus dropped their price target on shares of NOV from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Monday, October 28th. TD Cowen lowered their price objective on NOV from $28.00 to $22.00 and set a "buy" rating for the company in a research report on Monday, October 28th. BMO Capital Markets reduced their price objective on shares of NOV from $22.00 to $20.00 and set a "market perform" rating on the stock in a report on Thursday, October 10th. Finally, Piper Sandler reduced their price target on shares of NOV from $22.00 to $20.00 and set a "neutral" rating on the stock in a research note on Monday, July 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $21.64.

NOV Price Performance

NOV stock traded up $0.18 during mid-day trading on Monday, reaching $16.46. 1,392,539 shares of the company's stock were exchanged, compared to its average volume of 3,713,115. The company has a market cap of $6.40 billion, a price-to-earnings ratio of 6.01, a price-to-earnings-growth ratio of 0.93 and a beta of 1.66. NOV has a 12-month low of $14.98 and a 12-month high of $21.23. The stock's 50 day moving average is $16.08 and its 200 day moving average is $17.59. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65.

Institutional Trading of NOV

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pzena Investment Management LLC grew its holdings 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 worth $687,143,000 after purchasing an additional 7,851,220 shares during the period. Boston Partners bought a new position in NOV during the 1st quarter valued at $119,686,000. Bank of New York Mellon Corp increased its position 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 purchasing an additional 3,989,095 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of NOV by 40.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company's stock valued at $230,743,000 after purchasing an additional 3,470,860 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position 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 purchasing an additional 3,418,885 shares during the last quarter. 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.