Amalgamated Bank Sells 10,645 Shares of NOV Inc. (NYSE:NOV)

Amalgamated Bank cut its stake in NOV Inc. (NYSE:NOV) by 5.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 174,474 shares of the oil and gas exploration company’s stock after selling 10,645 shares during the period. Amalgamated Bank’s holdings in NOV were worth $2,655,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new stake in NOV during the fourth quarter valued at $341,000. Charles Schwab Investment Management Inc. boosted its position in shares of NOV by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,019,765 shares of the oil and gas exploration company’s stock valued at $44,089,000 after purchasing an additional 91,800 shares in the last quarter. Victory Capital Management Inc. grew its stake in NOV by 52.9% during the fourth quarter. Victory Capital Management Inc. now owns 168,168 shares of the oil and gas exploration company’s stock worth $2,455,000 after purchasing an additional 58,184 shares during the period. Raymond James Financial Inc. bought a new stake in NOV in the fourth quarter worth approximately $3,332,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in NOV in the fourth quarter valued at approximately $42,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Stock Up 2.3%

NOV stock opened at $13.50 on Friday. The stock has a market cap of $5.07 billion, a P/E ratio of 9.00, a P/E/G ratio of 3.28 and a beta of 1.28. The company has a current ratio of 2.65, a quick ratio of 1.76 and a debt-to-equity ratio of 0.26. The stock’s fifty day simple moving average is $12.70 and its two-hundred day simple moving average is $13.78. NOV Inc. has a 1-year low of $10.84 and a 1-year high of $21.20.

NOV (NYSE:NOV) last issued 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 during the quarter, compared to analysts’ expectations of $2.11 billion. NOV had a return on equity of 9.11% and a net margin of 6.68%. NOV’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the firm posted $0.30 earnings per share. Analysts expect that NOV Inc. will post 1.4 EPS for the current year.

NOV Announces Dividend

The business also recently announced 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. This represents a dividend yield of 3.63%. The ex-dividend date of this dividend was Monday, June 2nd. NOV’s dividend payout ratio is currently 20.00%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Piper Sandler reduced their price objective on shares of NOV from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. Royal Bank Of Canada decreased their price objective on NOV from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. lowered their price objective on shares of NOV from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, April 30th. Barclays reduced their price objective on shares of NOV from $13.00 to $11.00 and set an “underweight” rating for the company in a report on Wednesday, April 30th. Finally, Morgan Stanley lowered their target price on shares of NOV from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $17.38.

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.