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

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

NOV has been the subject of several other research reports. JPMorgan Chase & Co. cut their target price on 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 cut their price objective on shares of NOV from $28.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, October 28th. Citigroup lowered shares of NOV from a “buy” rating to a “neutral” rating and reduced their target price for the company from $21.00 to $18.00 in a report on Monday, November 11th. Stifel Nicolaus cut their price target on shares of NOV from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, October 28th. Finally, Atb Cap Markets cut NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, NOV currently has an average rating of “Hold” and an average target price of $20.14.

NOV Price Performance

NOV stock traded up $0.08 during mid-day trading on Wednesday, hitting $14.27. 1,040,594 shares of the stock were exchanged, compared to its average volume of 3,725,434. The business has a fifty day moving average price of $15.74 and a 200 day moving average price of $17.02. NOV has a 12 month low of $14.09 and a 12 month 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. The stock has a market capitalization of $5.55 billion, a price-to-earnings ratio of 5.27, a PEG ratio of 0.87 and a beta of 1.66.

NOV Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid 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 2.10%. NOV’s dividend payout ratio (DPR) is presently 11.07%.

Insider Activity at NOV

In other NOV news, Director David D. Harrison sold 1,784 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 110,951 shares in the company, valued at $1,786,311.10. This trade represents a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its holdings in NOV by 70.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 17,631 shares of the oil and gas exploration company’s stock worth $335,000 after purchasing an additional 7,303 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in NOV by 7.1% during 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 acquiring an additional 1,261 shares during the period. Raymond James & Associates boosted its stake in NOV by 3.1% during 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 acquiring an additional 7,506 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in NOV in the second quarter worth about $270,000. Finally, Fifth Third Wealth Advisors LLC bought a new position in shares of NOV during the second quarter valued at approximately $223,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.