NOV (NYSE:NOV) Lowered to “Hold” Rating by Seaport Res Ptn

NOV (NYSE:NOV) was downgraded by investment analysts at Seaport Res Ptn from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Sunday,Zacks.com reports.

Several other brokerages have also weighed in on NOV. Barclays cut their price objective on shares of NOV from $16.00 to $12.00 and set an “underweight” rating on the stock in a report on Wednesday, December 18th. Morgan Stanley lowered their price target on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Susquehanna cut their price objective on NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a report on Monday, October 28th. Citigroup cut NOV from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $21.00 to $18.00 in a report on Monday, November 11th. Finally, Stifel Nicolaus dropped their price objective 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. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $20.14.

NOV Price Performance

Shares of NYSE:NOV opened at $14.78 on Friday. The company has a market cap of $5.75 billion, a P/E ratio of 5.45, a P/E/G ratio of 0.87 and a beta of 1.66. The business has a fifty day simple moving average of $15.43 and a 200-day simple moving average of $16.72. NOV has a 52 week low of $13.94 and a 52 week high of $21.23. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26.

Insider Transactions at NOV

In other NOV news, Director David D. Harrison sold 1,784 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total transaction of $28,722.40. Following the sale, the director now owns 110,951 shares in the company, valued at $1,786,311.10. This represents a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.85% of the company’s stock.

Institutional Investors Weigh In On NOV

Several institutional investors and hedge funds have recently made changes to their positions in NOV. Deprince Race & Zollo Inc. increased its stake in NOV by 1,194.1% during the second quarter. Deprince Race & Zollo Inc. now owns 1,706,017 shares of the oil and gas exploration company’s stock valued at $32,431,000 after purchasing an additional 1,574,188 shares during the last quarter. WINTON GROUP Ltd lifted its holdings in NOV by 1,866.3% in the second quarter. WINTON GROUP Ltd now owns 841,078 shares of the oil and gas exploration company’s stock worth $15,989,000 after acquiring an additional 798,303 shares during the last quarter. Barclays PLC raised its position in shares of NOV by 120.1% during the 3rd quarter. Barclays PLC now owns 473,545 shares of the oil and gas exploration company’s stock worth $7,561,000 after purchasing an additional 258,392 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of NOV by 1,590.1% in the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 2,735 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in NOV by 519.1% during the 3rd quarter. Bank of Montreal Can now owns 438,068 shares of the oil and gas exploration company’s stock valued at $7,000,000 after purchasing an additional 367,308 shares during the period. 93.27% of the stock is owned by institutional investors and hedge funds.

About NOV

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.