NOV (NYSE:NOV) Downgraded to Hold Rating by Seaport Res Ptn

NOV (NYSE:NOV - Get Free Report) was downgraded by equities researchers at Seaport Res Ptn from a "strong-buy" rating to a "hold" rating in a note issued to investors on Sunday,Zacks.com reports.

A number of other brokerages have also commented on NOV. Morgan Stanley lowered their price objective on NOV from $25.00 to $23.00 and set an "overweight" rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. lowered their price target on NOV from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, October 3rd. Wells Fargo & Company reduced their price objective on shares of NOV from $16.00 to $15.00 and set an "underweight" rating for the company in a research note on Monday, November 4th. TD Cowen lowered their target price on shares of NOV from $28.00 to $22.00 and set a "buy" rating on the stock in a research note on Monday, October 28th. Finally, Citigroup lowered shares of NOV from a "buy" rating to a "neutral" rating and cut their target price for the stock from $21.00 to $18.00 in a research report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $20.14.

NOV Stock Up 0.9 %

NYSE:NOV traded up $0.13 during trading hours on Friday, reaching $14.90. The company's stock had a trading volume of 2,405,265 shares, compared to its average volume of 2,629,566. 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 company has a market cap of $5.80 billion, a price-to-earnings ratio of 5.50, a price-to-earnings-growth ratio of 0.87 and a beta of 1.66. NOV has a one year low of $13.94 and a one year high of $21.23. The business's 50-day moving average is $15.42 and its 200-day moving average is $16.70.

Insider Buying and Selling at NOV

In other news, Director David D. Harrison sold 1,784 shares of the company's stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total value of $28,722.40. Following the sale, the director now directly owns 110,951 shares in the company, valued at approximately $1,786,311.10. This represents a 1.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.85% of the company's stock.

Institutional Trading of NOV

Several institutional investors have recently bought and sold shares of the stock. Pzena Investment Management LLC raised its stake in shares of NOV by 22.3% in the third quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company's stock valued at $687,143,000 after acquiring an additional 7,851,220 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in NOV by 23.1% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 37,153,173 shares of the oil and gas exploration company's stock valued at $593,336,000 after purchasing an additional 6,963,660 shares in the last quarter. Dimensional Fund Advisors LP raised its position in 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 during the last quarter. AQR Capital Management LLC boosted its stake in NOV by 232.6% in 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of NOV by 3.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,113,452 shares of the oil and gas exploration company's stock worth $49,722,000 after purchasing an additional 91,013 shares during the last quarter. Institutional investors and hedge funds 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.