NOV (NYSE:NOV) Hits New 12-Month Low - Should Investors Consider Selling?

NOV Inc. (NYSE:NOV) recently reached a new low, with its stock price hitting $14.98 on Friday, before closing at $14.99. The trading volume on that day was 1,166,767 shares, in contrast to its previous closing price of $15.57.

Analysts Predictions for Growth

Several analysts have provided insights regarding NOV's performance. On October 28th, Susquehanna reduced their price target for NOV from $22.00 to $21.00 while assigning a "positive" rating. Bank of America also cut their target from $22.00 to $20.00, maintaining a "buy" rating as of October 14th. On the other hand, Barclays lowered their target from $17.00 to $16.00, giving it an "underweight" rating on October 29th. Furthermore, Wells Fargo cut their target from $16.00 to $15.00 with an "underweight" rating on November 4th, and BMO Capital Markets lowered it from $22.00 to $20.00 with a "market perform" rating on October 10th. Overall, two analysts suggest selling, six recommend holding, eight advocate buying, and one specifies a strong buy. According to data from MarketBeat.com, NOV currently holds an average rating of "Hold" with a target price of $21.64.

NOV's Stock Performance Overview

NOV's market capitalization stands at $5.84 billion, with an impressive PE ratio of 5.56 and a price-to-earnings-growth (PEG) ratio of 0.94. Its stock beta is 1.66, indicating greater volatility compared to the market. Current financial ratios include a current ratio of 2.57, a quick ratio of 1.65, and a debt-to-equity ratio of 0.26. Over the last 50 days, the moving average has been $15.97, while the 200-day moving average stands at $17.26.

Dividend Announcement from NOV

The company has also declared a quarterly dividend payment, scheduled for December 20th. Record shareholders as of December 6th will receive $0.075 per share, culminating in an annualized dividend of $0.30, translating to a yield of 2.00%. The ex-dividend date is also December 6th, and NOV’s payout ratio is 11.07%.

Insider Transactions at NOV

Recently, Director David D. Harrison sold 1,784 shares on November 20th for an average price of $16.10. The total transaction amounted to $28,722.40. Following this sale, he retains ownership of 110,951 shares, valued at approximately $1,786,311.10, marking a 1.58% reduction in his holdings. This trade was disclosed through a filing with the Securities & Exchange Commission. Currently, insiders hold about 1.85% of the stock.

Institutional Investment Movements

Large investors are adjusting their positions in NOV. Rothschild Investment LLC acquired a new stake valued at roughly $28,000 in the second quarter. Quarry LP and American National Bank & Trust similarly purchased stakes valued at approximately $36,000 and $39,000, respectively. International Assets Investment Management LLC has significantly increased their stake by 1,590.1%, now holding 2,907 shares after acquiring an additional 2,735 shares during the third quarter, valued at $46,000. Lastly, Brooklyn Investment Group entered a new position valued around $48,000. Overall, institutional and large investors own an impressive 93.27% of NOV’s stock.

About NOV Inc.

NOV Inc. is engaged in the design, construction, manufacturing, and sale of systems and products catering to the oil and gas sector, as well as the renewable energy sector. The company operates through two key segments: Energy Equipment and Energy Products and Services, offering solutions like solids control systems, drilling tools, and waste management services.

Investment Considerations

Before making investment decisions regarding NOV, it is advisable to consult Wall Street's top analysts and consider their recommendations on other stocks that may currently present better opportunities.

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