NOV (NYSE:NOV) Trading Down 2.7% - Here's Why

NOV Inc. (NYSE:NOV - Get Free Report) shares dropped 2.7% on Tuesday . The stock traded as low as $12.16 and last traded at $11.95. Approximately 113,880 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 3,883,095 shares. The stock had previously closed at $12.28.

Analyst Ratings Changes

Several equities research analysts have commented on NOV shares. Royal Bank of Canada raised shares of NOV from a "sector perform" rating to an "outperform" rating and set a $22.00 price objective on the stock in a report on Monday, March 24th. Susquehanna cut their price objective on shares of NOV from $21.00 to $19.00 and set a "positive" rating for the company in a report on Monday, April 14th. Stifel Nicolaus lowered their target price on shares of NOV from $25.00 to $23.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Piper Sandler raised their price target on NOV from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Finally, Barclays boosted their price objective on NOV from $12.00 to $13.00 and gave the company an "underweight" rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $19.00.

NOV Stock Up 0.1 %

The company has a current ratio of 2.46, a quick ratio of 1.64 and a debt-to-equity ratio of 0.26. The stock has a market cap of $4.68 billion, a P/E ratio of 7.67, a price-to-earnings-growth ratio of 1.02 and a beta of 1.35. The stock's fifty day moving average price is $13.89 and its 200 day moving average price is $14.87.

NOV (NYSE:NOV - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. As a group, research analysts forecast that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Friday, March 14th. NOV's dividend payout ratio is currently 18.63%.

Institutional Investors Weigh In On NOV

A number of hedge funds have recently made changes to their positions in NOV. Huntington National Bank lifted its stake in NOV by 88.7% in the fourth quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company's stock worth $32,000 after purchasing an additional 1,034 shares during the last quarter. Covestor Ltd increased its holdings in shares of NOV by 282.9% in the fourth quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company's stock worth $33,000 after buying an additional 1,655 shares during the period. UMB Bank n.a. lifted its stake in shares of 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 acquiring an additional 1,612 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in NOV during the 1st quarter worth approximately $36,000. Finally, Signaturefd LLC lifted its position in NOV by 41.3% in the fourth quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company's stock valued at $38,000 after purchasing an additional 756 shares during the last quarter. 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.