CX Institutional Buys Shares of 2,728 NOV Inc. (NYSE:NOV)

CX Institutional purchased a new position in NOV Inc. (NYSE:NOV) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,728 shares of the oil and gas exploration company’s stock, valued at approximately $42,000.

Several other institutional investors and hedge funds have also made changes to their positions in NOV. First Pacific Advisors LP acquired a new position in NOV in the 4th quarter valued at about $39,495,000. Dimensional Fund Advisors LP grew its holdings in shares of NOV by 13.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 16,793,128 shares of the oil and gas exploration company’s stock worth $245,178,000 after buying an additional 1,934,243 shares in the last quarter. AQR Capital Management LLC raised its position in shares of NOV by 85.9% in the fourth quarter. AQR Capital Management LLC now owns 3,784,096 shares of the oil and gas exploration company’s stock valued at $55,248,000 after buying an additional 1,748,816 shares during the last quarter. Ameriprise Financial Inc. grew its stake in NOV by 40.7% in the 4th quarter. Ameriprise Financial Inc. now owns 5,718,408 shares of the oil and gas exploration company’s stock worth $83,489,000 after acquiring an additional 1,652,917 shares during the period. Finally, D. E. Shaw & Co. Inc. raised its holdings in NOV by 187.6% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,071,760 shares of the oil and gas exploration company’s stock valued at $30,248,000 after acquiring an additional 1,351,441 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NOV. Barclays cut their price objective on shares of NOV from $13.00 to $11.00 and set an “underweight” rating on the stock in a report on Wednesday, April 30th. Stifel Nicolaus dropped their price target on shares of NOV from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Piper Sandler decreased their price target on shares of NOV from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. decreased their target price on NOV from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. Finally, The Goldman Sachs Group reduced their target price on shares of NOV from $16.00 to $13.00 and set a “sell” rating on the stock in a report on Thursday, April 10th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.44.

NOV Price Performance

Shares of NYSE NOV opened at $13.83 on Wednesday. The company has a quick ratio of 1.76, a current ratio of 2.65 and a debt-to-equity ratio of 0.26. NOV Inc. has a fifty-two week low of $10.84 and a fifty-two week high of $21.20. The business has a 50 day moving average price of $12.44 and a two-hundred day moving average price of $13.96. The firm has a market cap of $5.20 billion, a PE ratio of 9.22, a price-to-earnings-growth ratio of 3.39 and a beta of 1.28.

NOV (NYSE:NOV) last released its quarterly earnings results on Monday, April 28th. The oil and gas exploration company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.06). The company had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.11 billion. NOV had a return on equity of 9.11% and a net margin of 6.68%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.30 EPS. Sell-side analysts expect that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business also recently declared a dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, June 3rd were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a dividend yield of 3.63%. NOV’s payout ratio is 20.00%.

About NOV

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.