NOV (NYSE:NOV) Downgraded to “Neutral” Rating by Citigroup

Citigroup cut shares of NOV (NYSE:NOV) from a buy rating to a neutral rating in a report released on Monday morning, MarketBeat Ratings reports. Citigroup currently has $18.00 target price on the oil and gas exploration company’s stock, down from their prior target price of $21.00.

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 target price on shares of NOV in a research report on Monday, July 29th. Barclays lowered their target price on NOV from $17.00 to $16.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 29th. Benchmark reiterated a “hold” rating on shares of NOV in a report on Friday, July 26th. Piper Sandler dropped their price objective on NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Finally, JPMorgan Chase & Co. reduced their target price 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. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $21.64.

NOV Price Performance

Shares of NOV opened at $16.53 on Monday. 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 company has a market capitalization of $6.43 billion, a price-to-earnings ratio of 6.10, a P/E/G ratio of 0.93 and a beta of 1.66. The business’s 50-day moving average is $16.06 and its 200-day moving average is $17.58. NOV has a fifty-two week low of $14.98 and a fifty-two week high of $21.23.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a dividend of $0.075 per share. The ex-dividend date was Friday, September 13th. This represents a $0.30 annualized dividend and a yield of 1.81%. NOV’s payout ratio is 11.07%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Pzena Investment Management LLC increased its position in NOV by 22.3% during the third quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company’s stock worth $687,143,000 after acquiring an additional 7,851,220 shares during the period. Boston Partners bought a new stake in NOV in the 1st quarter valued at $119,686,000. Bank of New York Mellon Corp lifted its holdings in shares of NOV by 67.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after acquiring an additional 3,989,095 shares during the period. Dimensional Fund Advisors LP boosted its holdings in NOV by 40.0% during the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after purchasing an additional 3,470,860 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in NOV by 232.6% in the 2nd quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock valued at $92,938,000 after buying an additional 3,418,885 shares in the last quarter. 93.27% of the stock is 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.