NOV (NYSE:NOV) Reaches New 12-Month Low - Here's Why

Shares of NOV Inc. (NYSE:NOV - Get Free Report) reached a new 52-week low during trading on Wednesday . The stock traded as low as $10.84 and last traded at $11.10, with a volume of 7425953 shares changing hands. The stock had previously closed at $11.94.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Piper Sandler lifted their price target on NOV from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, February 10th. Royal Bank of Canada upgraded NOV from a "sector perform" rating to an "outperform" rating and set a $22.00 price target on the stock in a research report on Monday, March 24th. Raymond James lifted their target price 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. Evercore ISI reissued an "in-line" rating and issued a $18.00 price target (down from $25.00) on shares of NOV in a research note on Wednesday, January 15th. Finally, The Goldman Sachs Group cut their price objective on shares of NOV from $16.00 to $13.00 and set a "sell" rating on the stock in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $19.19.

NOV Stock Up 2.0 %

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.64. The stock has a 50 day simple moving average of $14.54 and a 200-day simple moving average of $15.10. The firm has a market cap of $4.60 billion, a PE ratio of 7.50, a PEG ratio of 1.02 and a beta of 1.35.

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NOV (NYSE:NOV - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. Sell-side analysts predict that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a dividend of $0.075 per share. The ex-dividend date was Friday, March 14th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.48%. NOV's dividend payout ratio (DPR) is presently 18.63%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Huntington National Bank increased its stake in NOV by 88.7% in the 4th quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company's stock worth $32,000 after acquiring an additional 1,034 shares during the last quarter. Covestor Ltd boosted its stake in shares of NOV by 282.9% during the fourth quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company's stock valued at $33,000 after purchasing an additional 1,655 shares during the period. UMB Bank n.a. boosted its position in NOV by 222.3% in the 4th 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 period. Signaturefd LLC increased its holdings in NOV by 41.3% during the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company's stock worth $38,000 after purchasing an additional 756 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of NOV during the fourth quarter valued at $42,000. 93.27% of the stock is currently owned by 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.