NOV Inc. (NYSE:NOV) Position Trimmed by Federated Hermes Inc.

Federated Hermes Inc. trimmed its holdings in shares of NOV Inc. (NYSE:NOV – Get Rating) by 22.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 53,905 shares of the oil and gas exploration company’s stock after selling 15,681 shares during the period. Federated Hermes Inc.’s holdings in NOV were worth $872,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP boosted its stake in NOV by 1.7% in the 3rd quarter. First Trust Advisors LP now owns 970,712 shares of the oil and gas exploration company’s stock worth $15,706,000 after purchasing an additional 15,994 shares during the period. Commonwealth Equity Services LLC boosted its stake in NOV by 3.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 18,956 shares of the oil and gas exploration company’s stock worth $306,000 after purchasing an additional 598 shares during the period. Royal Bank of Canada boosted its stake in NOV by 40.6% in the 3rd quarter. Royal Bank of Canada now owns 44,085 shares of the oil and gas exploration company’s stock worth $713,000 after purchasing an additional 12,729 shares during the period. Eaton Vance Management boosted its stake in NOV by 3.5% in the 3rd quarter. Eaton Vance Management now owns 29,220 shares of the oil and gas exploration company’s stock worth $473,000 after purchasing an additional 981 shares during the period. Finally, Boothbay Fund Management LLC acquired a new position in NOV in the 3rd quarter worth approximately $199,000. Institutional investors and hedge funds own 94.18% of the company’s stock.

NOV Stock Performance

NYSE:NOV opened at $19.24 on Tuesday. The firm’s 50-day moving average is $22.66 and its 200-day moving average is $20.83. NOV Inc. has a 52-week low of $13.98 and a 52-week high of $24.83. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.51 and a current ratio of 2.25. The company has a market cap of $7.56 billion, a price-to-earnings ratio of 49.33 and a beta of 1.90.

NOV (NYSE:NOV – Get Rating) last posted its quarterly earnings data on Monday, February 6th. The oil and gas exploration company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.03. NOV had a net margin of 2.14% and a return on equity of 3.09%. The company had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the previous year, the firm posted ($0.06) EPS. The business’s revenue was up 36.7% compared to the same quarter last year. Equities research analysts anticipate that NOV Inc. will post 1.18 earnings per share for the current year.

NOV Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, March 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.04%. NOV’s dividend payout ratio (DPR) is currently 51.28%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Raymond James began coverage on shares of NOV in a research note on Friday, December 9th. They issued an “outperform” rating and a $30.00 price objective for the company. Morgan Stanley raised shares of NOV from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $21.00 to $24.00 in a research note on Wednesday, January 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $27.00 target price on shares of NOV in a research note on Wednesday, February 8th. Cowen lifted their target price on shares of NOV from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, February 8th. Finally, Piper Sandler reissued a “neutral” rating and set a $22.00 target price on shares of NOV in a research note on Wednesday, February 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.75.

Insider Activity

In other news, CAO Christy Lynn Novak sold 9,607 shares of NOV stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $21.86, for a total transaction of $210,009.02. Following the sale, the chief accounting officer now directly owns 84,600 shares in the company, valued at approximately $1,849,356. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other NOV news, Director Eric L. Mattson sold 20,681 shares of the business’s stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $21.90, for a total value of $452,913.90. Following the completion of the transaction, the director now directly owns 46,600 shares of the company’s stock, valued at $1,020,540. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Christy Lynn Novak sold 9,607 shares of the business’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $21.86, for a total transaction of $210,009.02. Following the completion of the transaction, the chief accounting officer now directly owns 84,600 shares of the company’s stock, valued at $1,849,356. The disclosure for this sale can be found here. 1.59% of the stock is owned by company insiders.

NOV Company Profile

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NOV, Inc provides equipment and technology to the upstream oil and gas industry. It operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment focuses on the engineering, manufacturing, and support of advanced drilling equipment packages and related capital equipment for oil and gas wells.