NOV (NYSE:NOV) Downgraded to “Sector Perform” at COKER & PALMER

NOV (NYSE:NOV) was downgraded by analysts at COKER & PALMER from a “sector outperform” rating to a “sector perform” rating in a report issued on Tuesday, Zacks.com reports.

NOV has been the subject of several other reports. Smith Barney Citigroup upgraded shares of NOV from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 12th. Wells Fargo & Company upgraded shares of NOV from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $13.50 to $17.00 in a research report on Thursday, January 21st. Bank of America raised shares of NOV from an “underperform” rating to a “neutral” rating and set a $16.00 price objective for the company in a research report on Wednesday, January 6th. Zacks Investment Research downgraded NOV from a “hold” rating to a “sell” rating and set a $18.00 target price on the stock. in a research report on Thursday, March 11th. Finally, Wolfe Research raised NOV from a “peer perform” rating to an “outperform” rating in a research note on Monday, January 11th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company’s stock. NOV has an average rating of “Hold” and an average price target of $14.09.

Shares of NOV stock opened at $13.61 on Tuesday. NOV has a 12-month low of $7.70 and a 12-month high of $17.50. The company has a quick ratio of 1.93, a current ratio of 2.85 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average price of $15.01 and a two-hundred day moving average price of $12.78. The stock has a market capitalization of $5.28 billion, a P/E ratio of -2.02 and a beta of 2.22.

NOV (NYSE:NOV) last issued its quarterly earnings data on Thursday, February 4th. The oil and gas exploration company reported ($0.42) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.30). NOV had a positive return on equity of 1.13% and a negative net margin of 36.63%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. Sell-side analysts anticipate that NOV will post -0.09 earnings per share for the current year.

In related news, VP Scott K. Duff sold 10,000 shares of NOV stock in a transaction dated Tuesday, February 23rd. The stock was sold at an average price of $14.81, for a total value of $148,100.00. Corporate insiders own 0.92% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. TrimTabs Asset Management LLC bought a new position in NOV during the fourth quarter worth about $1,931,000. Berman Capital Advisors LLC grew its holdings in NOV by 108.6% during the fourth quarter. Berman Capital Advisors LLC now owns 2,380 shares of the oil and gas exploration company’s stock valued at $32,000 after purchasing an additional 1,239 shares during the period. Worldquant Millennium Advisors LLC bought a new stake in NOV in the 3rd quarter valued at $2,013,000. M&G Investment Management Ltd. boosted its stake in NOV by 1.0% in the 4th quarter. M&G Investment Management Ltd. now owns 425,042 shares of the oil and gas exploration company’s stock worth $11,672,000 after purchasing an additional 4,164 shares during the period. Finally, AXA S.A. acquired a new stake in shares of NOV in the 3rd quarter valued at about $104,000. 94.50% of the stock is owned by institutional investors and hedge funds.

NOV Company Profile

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

Featured Article: Pattern Day Trader – What is the PDT Rule?

Analyst Recommendations for NOV (NYSE:NOV)

Receive News & Ratings for NOV Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NOV and related companies with MarketBeat.com's FREE daily email newsletter.