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

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

Several other analysts have also recently commented on NOV. Susquehanna decreased their price target on shares of NOV from $22.00 to $21.00 and set a “positive” rating for the company in a report on Monday, October 28th. BMO Capital Markets lowered their price target 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. Morgan Stanley cut their price objective on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Piper Sandler assumed coverage on NOV in a research note on Thursday, December 19th. They issued a “neutral” rating and a $17.00 target price on the stock. Finally, ATB Capital reiterated a “sector perform” rating and set a $19.00 price target on shares of NOV in a report on Tuesday, December 10th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.14.

NOV Price Performance

Shares of NOV stock opened at $14.78 on Friday. NOV has a 1 year low of $13.94 and a 1 year high of $21.23. 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 company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. The stock has a 50-day moving average price of $15.43 and a 200 day moving average price of $16.72.

Insider Buying and Selling

In other 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 completion of the transaction, the director now directly owns 110,951 shares in the company, valued at $1,786,311.10. The trade was a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.85% of the stock is owned by insiders.

Hedge Funds Weigh In On NOV

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP acquired a new stake in NOV in the 3rd quarter worth $36,000. American National Bank & Trust acquired a new stake in NOV during the third quarter worth about $39,000. International Assets Investment Management LLC raised its holdings in 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 valued at $46,000 after acquiring an additional 2,735 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of NOV in the 3rd quarter worth approximately $48,000. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of NOV during the 2nd quarter worth approximately $78,000. Institutional investors own 93.27% of the company’s stock.

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.