NOV (NYSE:NOV) Reaches New 12-Month Low – Time to Sell?

Shares of NOV Inc. (NYSE:NOV) hit a new 52-week low on Thursday . The stock traded as low as $13.77 and last traded at $13.84, with a volume of 1216145 shares. The stock had previously closed at $15.30.

Analysts Set New Price Targets

Several equities analysts recently commented on NOV shares. Royal Bank of Canada raised shares of NOV from a “sector perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research report on Monday, March 24th. Evercore ISI restated an “in-line” rating and set a $18.00 price target (down from $25.00) on shares of NOV in a research note on Wednesday, January 15th. Piper Sandler lifted their price objective on NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Atb Cap Markets lowered shares of NOV from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, Raymond James increased their price objective on shares of NOV from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, NOV presently has an average rating of “Hold” and a consensus target price of $19.60.

NOV Trading Down 12.1 %

The company has a quick ratio of 1.64, a current ratio of 2.46 and a debt-to-equity ratio of 0.26. The firm has a market cap of $5.12 billion, a P/E ratio of 8.39, a price-to-earnings-growth ratio of 1.02 and a beta of 1.34. The business’s 50 day moving average is $15.00 and its 200-day moving average is $15.38.

NOV (NYSE:NOV) last issued its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. NOV had a net margin of 7.16% and a return on equity of 9.88%. As a group, analysts forecast that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, March 14th. NOV’s dividend payout ratio is currently 18.63%.

Hedge Funds Weigh In On NOV

A number of hedge funds have recently added to or reduced their stakes in NOV. Huntington National Bank lifted its holdings in NOV by 88.7% in the fourth quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company’s stock worth $32,000 after acquiring an additional 1,034 shares during the last quarter. Covestor Ltd increased its position in NOV by 282.9% in the fourth quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company’s stock worth $33,000 after buying an additional 1,655 shares during the period. UMB Bank n.a. lifted its stake in NOV by 222.3% in the fourth quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after buying an additional 1,612 shares during the last quarter. Quarry LP bought a new position in shares of NOV during the third quarter worth about $36,000. Finally, Signaturefd LLC boosted its stake in NOV by 41.3% during the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock valued at $38,000 after purchasing an additional 756 shares during the period. Institutional investors and hedge funds 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.