Point72 Asia Singapore Pte. Ltd. Purchases New Holdings in NOV Inc. (NYSE:NOV)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of NOV Inc. (NYSE:NOV) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 6,568 shares of the oil and gas exploration company’s stock, valued at approximately $125,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its stake in shares of NOV by 95.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock valued at $17,846,000 after buying an additional 429,104 shares during the last quarter. Wintrust Investments LLC boosted its stake in NOV by 631.6% during the 1st quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock valued at $1,600,000 after acquiring an additional 70,743 shares during the last quarter. Stanley Laman Group Ltd. acquired a new position in NOV during the 2nd quarter worth $4,031,000. Schroder Investment Management Group grew its holdings in NOV by 71.3% during the 4th quarter. Schroder Investment Management Group now owns 1,092,422 shares of the oil and gas exploration company’s stock worth $22,154,000 after acquiring an additional 454,665 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of NOV by 1.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock worth $75,813,000 after purchasing an additional 42,717 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NOV has been the subject of a number of research reports. Piper Sandler decreased their price target on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. TD Cowen lifted their target price on NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Wells Fargo & Company lowered NOV from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $20.00 to $16.00 in a research report on Wednesday. Evercore ISI raised shares of NOV to a “strong-buy” rating in a report on Friday, July 26th. Finally, Bank of America lowered their target price on shares of NOV from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

NOV Price Performance

NYSE NOV opened at $15.98 on Friday. The company has a 50-day moving average price of $17.56 and a two-hundred day moving average price of $18.33. The stock has a market cap of $6.32 billion, a price-to-earnings ratio of 6.42, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. NOV Inc. has a 52 week low of $15.47 and a 52 week high of $21.68.

NOV (NYSE:NOV) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.35 by $0.22. NOV had a return on equity of 10.97% and a net margin of 11.88%. The firm had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period last year, the firm earned $0.39 EPS. The firm’s revenue was up 5.9% compared to the same quarter last year. Analysts forecast that NOV Inc. will post 1.63 EPS for the current year.

NOV Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date was Friday, September 13th. NOV’s dividend payout ratio is currently 12.05%.

NOV Profile

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.