NOV (NYSE:NOV) Downgraded by Citigroup to Neutral

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

Several other brokerages also recently commented on NOV. Morgan Stanley lowered their price objective on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. TD Cowen lowered their price objective on NOV from $28.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, October 28th. Barclays lowered their price objective on NOV from $17.00 to $16.00 and set an “underweight” rating for the company in a research note on Tuesday, October 29th. Stifel Nicolaus reduced their target price on NOV from $25.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 28th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $24.00 target price on shares of NOV in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, NOV has a consensus rating of “Hold” and an average price target of $21.64.

NOV Stock Performance

Shares of NOV stock opened at $16.24 on Monday. The company has a market cap of $6.32 billion, a PE ratio of 5.99, a price-to-earnings-growth ratio of 0.96 and a beta of 1.66. NOV has a 52 week low of $14.98 and a 52 week high of $21.23. The business has a 50 day moving average price of $16.03 and a 200-day moving average price of $17.55. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26.

Hedge Funds Weigh In On NOV

Large investors have recently made changes to their positions in the stock. Rothschild Investment LLC bought a new position in shares of NOV in the second quarter worth $28,000. American National Bank & Trust purchased a new stake in shares of NOV in the third quarter worth $39,000. International Assets Investment Management LLC raised its position in shares of NOV by 1,590.1% in the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock worth $46,000 after buying an additional 2,735 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of NOV in the third quarter worth $48,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in shares of NOV in the second quarter worth $78,000. 93.27% of the stock is owned by institutional investors.

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.