NOV (NYSE:NOV) Sets New 12-Month Low - Here's What Happened

NOV Inc. (NYSE:NOV - Get Free Report) shares reached a new 52-week low during mid-day trading on Friday . The company traded as low as $14.87 and last traded at $14.88, with a volume of 459901 shares. The stock had previously closed at $15.09.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Atb Cap Markets cut shares of NOV from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Bank of America reduced their target price on shares of NOV from $22.00 to $20.00 and set a "buy" rating for the company in a research report on Monday, October 14th. Citigroup lowered NOV from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $21.00 to $18.00 in a report on Monday, November 11th. TD Cowen dropped their price target 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, BMO Capital Markets reduced their price objective on shares of NOV from $22.00 to $20.00 and set a "market perform" rating for the company in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, NOV presently has an average rating of "Hold" and an average target price of $20.64.

NOV Stock Down 0.8 %

The company has a fifty day moving average price of $15.84 and a 200 day moving average price of $17.10. The company has a market cap of $5.82 billion, a PE ratio of 5.52, a price-to-earnings-growth ratio of 0.89 and a beta of 1.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65.

NOV Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a dividend of $0.075 per share. The ex-dividend date is Friday, December 6th. This represents a $0.30 annualized dividend and a dividend yield of 2.00%. NOV's dividend payout ratio (DPR) is presently 11.07%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Rothschild Investment LLC bought a new position in NOV during the 2nd quarter valued at approximately $28,000. Quarry LP bought a new position in shares of NOV during the third quarter valued at approximately $36,000. American National Bank & Trust purchased a new stake in NOV in the third quarter worth $39,000. International Assets Investment Management LLC boosted its holdings in NOV by 1,590.1% in the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company's stock valued at $46,000 after acquiring an additional 2,735 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new position in NOV during the 3rd quarter valued at $48,000. 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.