NOV (NYSE:NOV) Cut to “Neutral” at Citigroup

Citigroup lowered shares of NOV (NYSE:NOV) from a buy rating to a neutral rating in a research report sent to investors on Monday, MarketBeat reports. They currently have $18.00 price target on the oil and gas exploration company’s stock, down from their prior price target of $21.00.

Several other brokerages have also recently weighed in on NOV. JPMorgan Chase & Co. dropped their price objective on NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Stifel Nicolaus dropped their price objective on NOV from $25.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 28th. Morgan Stanley dropped 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. Barclays dropped their price objective on NOV from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Tuesday, October 29th. Finally, TD Cowen dropped their price objective on NOV from $28.00 to $22.00 and set a “buy” rating for the company in a report on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NOV currently has an average rating of “Hold” and an average target price of $21.64.

NOV Stock Performance

NYSE:NOV opened at $16.24 on Monday. The stock has a market cap of $6.32 billion, a P/E ratio of 5.99, a PEG ratio of 0.96 and a beta of 1.66. The stock has a 50 day simple moving average of $16.03 and a 200 day simple moving average of $17.55. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. NOV has a 1-year low of $14.98 and a 1-year high of $21.23.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NOV. Pzena Investment Management LLC lifted its stake in shares of NOV by 22.3% in the 3rd quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company’s stock valued at $687,143,000 after purchasing an additional 7,851,220 shares during the period. Boston Partners acquired a new position in shares of NOV in the 1st quarter valued at about $119,686,000. Bank of New York Mellon Corp raised its stake in 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 buying an additional 3,989,095 shares during the period. Dimensional Fund Advisors LP raised its stake in NOV by 40.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock worth $230,743,000 after buying an additional 3,470,860 shares during the period. Finally, AQR Capital Management LLC raised its stake in NOV by 232.6% during the 2nd quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock worth $92,938,000 after buying an additional 3,418,885 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.