Barclays Cuts NOV (NYSE:NOV) Price Target to $12.00

by · The Markets Daily

NOV (NYSE:NOV – Free Report) had its price target reduced by Barclays from $16.00 to $12.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an underweight rating on the oil and gas exploration company’s stock.

A number of other research analysts have also commented on NOV. TD Cowen lowered their price target on NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, October 28th. Citigroup cut shares of NOV from a “buy” rating to a “neutral” rating and lowered their target price for the company from $21.00 to $18.00 in a research note on Monday, November 11th. Atb Cap Markets lowered shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Stifel Nicolaus lowered their price objective on shares of NOV from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Finally, Bank of America cut their target price on NOV from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, NOV currently has an average rating of “Hold” and an average price target of $20.14.

View Our Latest Stock Analysis on NOV

NOV Stock Up 0.1 %

NOV opened at $14.07 on Wednesday. The stock’s 50 day moving average price is $15.70 and its 200 day moving average price is $17.00. 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 stock has a market cap of $5.47 billion, a P/E ratio of 5.19, a P/E/G ratio of 0.87 and a beta of 1.66. NOV has a 12 month low of $13.97 and a 12 month high of $21.23.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a $0.075 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.13%. NOV’s dividend payout ratio (DPR) is 11.07%.

Insiders Place Their Bets

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

Institutional Trading of NOV

Hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC lifted its stake in NOV by 70.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 17,631 shares of the oil and gas exploration company’s stock worth $335,000 after acquiring an additional 7,303 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of NOV by 7.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 18,960 shares of the oil and gas exploration company’s stock valued at $360,000 after purchasing an additional 1,261 shares during the period. Raymond James & Associates lifted its position in shares of NOV by 3.1% in the second quarter. Raymond James & Associates now owns 248,230 shares of the oil and gas exploration company’s stock worth $4,719,000 after purchasing an additional 7,506 shares in the last quarter. Hennion & Walsh Asset Management Inc. acquired a new stake in shares of NOV during the second quarter worth approximately $270,000. Finally, Fifth Third Wealth Advisors LLC purchased a new position in NOV during the second quarter valued at approximately $223,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

About NOV

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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.

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