NOV (NYSE:NOV) Shares 5.2% Rise After Analysts Upgrade

NOV Inc. (NYSE:NOV – Get Rating) stock price rose 5.2% during Monday’s trading after Morgan Stanley raised its price target on the stock from $20.00 at $21.00. Morgan Stanley currently has an equal weight rating on the stock. NOV traded as high as $22.88 and last traded at $22.71. Approximately 55,001 shares were traded during trading, a 99% decline from the average daily volume of 4,197,648 shares. The stock previously closed at $21.58.

NOV has been the subject of several other reports. Seaport Res Ptn reaffirmed a “buy” rating on NOV shares in a Monday, August 8 report. Susquehanna Bancshares lowered its target price on NOV shares from $27.00 to $25.00 in a report on Monday. Susquehanna lowered its target price on NOV shares from $27.00 to $25.00 in a report released Monday. Bank of America upgraded NOV shares from a “neutral” rating to a “buy” rating and set a $19.00 price target on the stock in a Friday, September 30 research report. Finally, StockNews.com began covering NOV shares in a research report on Wednesday, October 12. They have set a “holding” rating on the stock. Three investment analysts have assigned the stock a sell rating, five have issued a hold rating and four have assigned the company a buy rating. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $21.36.

Insider buying and selling at NOV

In other news, Director Greg L. Armstrong sold 10,381 shares of NOV in a trade on Monday, August 29. The shares were sold at an average price of $18.99, for a total transaction of $197,135.19. Following the transaction, the administrator now owns 82,724 shares of the company, valued at $1,570,928.76. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Insiders of the company own 1.59% of the shares of the company.

Hedge funds weigh on NOV

Hedge funds have recently changed their stakes in the company. FMR LLC increased its stake in NOV by 56.1% during the second quarter. FMR LLC now owns 15,263,097 shares of the oil and gas exploration company worth $258,099,000 after purchasing an additional 5,487,193 shares in the last quarter. Lord Abbett & CO. LLC increased its stake in NOV by 278.7% during the first quarter. Lord Abbett & CO. LLC now owns 5,025,305 shares of the oil and gas exploration company worth $98,546,000 after purchasing an additional 3,698,205 shares in the last quarter. Invesco Ltd. increased its stake in NOV by 88.0% during the first quarter. Invesco Ltd. now owns 5,810,818 shares of the oil and gas exploration company worth $113,950,000 after purchasing an additional 2,720,566 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in NOV by 393.3% during the second quarter. Thrivent Financial for Lutherans now owns 2,994,970 shares of the oil and gas exploration company worth $50,645,000 after buying an additional 2,387,799 shares in the last quarter. Finally, Polaris Capital Management LLC bought a new position in NOV during the first quarter at a value of $44,501,000. Institutional investors and hedge funds own 97.86% of the company’s shares.

Price performance in November

The company’s 50-day moving average is $18.08 and its two-hundred-day moving average is $17.94. The company has a market capitalization of $8.92 billion, a P/E ratio of 732.58 and a beta of 1.76. The company has a quick ratio of 1.61, a current ratio of 2.35 and a debt ratio of 0.34.

NOV dividend announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 30. Investors of record on Friday, September 16 received a dividend of $0.05 per share. This represents a dividend of $0.20 on an annualized basis and a yield of 0.88%. The ex-dividend date was Thursday, September 15. NOV’s dividend payout ratio is currently 666.89%.

About NOV

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NOV Inc designs, builds, manufactures and sells systems, components and products for the oil and gas drilling and production, industrial and renewable energy sectors worldwide. The Company operates through three segments: Wellbore Technologies, Completion & Production Solutions and Rig Technologies.

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