StockNews.com Downgrades NOV (NYSE:NOV) to Sell

NOV (NYSE:NOV) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a report issued on Monday.

Several other equities research analysts have also recently weighed in on the company. The Goldman Sachs Group increased their price objective on NOV from $16.00 to $18.00 and gave the stock a “sell” rating in a report on Wednesday, August 9th. Citigroup increased their price objective on NOV from $21.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, July 31st. Barclays cut NOV from an “equal weight” rating to an “underweight” rating and set a $20.00 price objective for the company. in a report on Tuesday, October 17th. Raymond James increased their price objective on NOV from $28.00 to $29.00 and gave the stock an “outperform” rating in a report on Monday, October 30th. Finally, Royal Bank of Canada raised their target price on NOV from $23.00 to $24.00 and gave the company a “sector perform” rating in a research note on Monday, October 30th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $24.00.

NOV Price Performance

NOV opened at $19.01 on Monday. The stock’s 50 day simple moving average is $20.43 and its 200 day simple moving average is $18.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.43. NOV has a 1 year low of $14.05 and a 1 year high of $24.83. The firm has a market cap of $7.49 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 0.30 and a beta of 1.87.

NOV (NYSE:NOV) last posted its quarterly earnings results on Thursday, October 26th. The oil and gas exploration company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.06). NOV had a return on equity of 9.28% and a net margin of 6.00%. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the previous year, the business earned $0.08 earnings per share. NOV’s revenue was up 15.7% compared to the same quarter last year. As a group, analysts predict that NOV will post 1.44 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of NOV by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 38,925,240 shares of the oil and gas exploration company’s stock worth $629,810,000 after purchasing an additional 349,025 shares in the last quarter. BlackRock Inc. increased its holdings in shares of NOV by 0.8% in the 1st quarter. BlackRock Inc. now owns 37,748,140 shares of the oil and gas exploration company’s stock worth $698,718,000 after purchasing an additional 284,784 shares in the last quarter. Pzena Investment Management LLC increased its holdings in shares of NOV by 24.6% in the 2nd quarter. Pzena Investment Management LLC now owns 36,790,723 shares of the oil and gas exploration company’s stock worth $590,123,000 after purchasing an additional 7,259,286 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of NOV by 29.8% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 23,376,075 shares of the oil and gas exploration company’s stock worth $374,952,000 after acquiring an additional 5,365,090 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in shares of NOV by 1.0% in the first quarter. Ameriprise Financial Inc. now owns 15,398,280 shares of the oil and gas exploration company’s stock worth $285,024,000 after acquiring an additional 154,667 shares during the period. Hedge funds and other institutional investors own 93.19% 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 worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.