NOV (NYSE:NOV) Stock Rating Lowered by Seaport Res Ptn

Seaport Res Ptn downgraded shares of NOV (NYSE:NOV) from a strong-buy rating to a hold rating in a report published on Sunday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. BMO Capital Markets dropped their price objective on shares of NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a report on Thursday, October 10th. Stifel Nicolaus decreased their price target 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. JPMorgan Chase & Co. dropped their price objective on shares of NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. 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, Wells Fargo & Company cut their price target 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. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $20.14.

NOV Stock Performance

Shares of NOV opened at $14.90 on Friday. The company has a market capitalization of $5.80 billion, a PE ratio of 5.50, a price-to-earnings-growth ratio of 0.87 and a beta of 1.66. The company’s fifty day moving average price is $15.42 and its 200 day moving average price is $16.70. NOV has a one year low of $13.94 and a one year high of $21.23. 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 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 issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date was Friday, December 6th. NOV’s dividend payout ratio is currently 11.07%.

Insiders Place Their Bets

In other NOV news, Director David D. Harrison sold 1,784 shares of NOV stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total transaction 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 Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.85% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Canandaigua National Bank & Trust Co. increased its stake in NOV by 3.5% in the fourth quarter. Canandaigua National Bank & Trust Co. now owns 59,895 shares of the oil and gas exploration company’s stock valued at $874,000 after purchasing an additional 2,040 shares in the last quarter. Nordea Investment Management AB bought a new stake in shares of NOV in the 4th quarter valued at $2,514,000. Tidal Investments LLC raised its stake in NOV by 20.8% during the 3rd quarter. Tidal Investments LLC now owns 21,200 shares of the oil and gas exploration company’s stock worth $339,000 after buying an additional 3,645 shares during the period. Barclays PLC lifted its holdings in NOV by 120.1% during the third quarter. Barclays PLC now owns 473,545 shares of the oil and gas exploration company’s stock worth $7,561,000 after acquiring an additional 258,392 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in NOV in the third quarter valued at about $1,713,000. 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.