LSV Asset Management Grows Holdings in NOV Inc. (NYSE:NOV)

LSV Asset Management grew its holdings in NOV Inc. (NYSE:NOV) by 26.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,508,178 shares of the oil and gas exploration company’s stock after purchasing an additional 314,878 shares during the period. LSV Asset Management owned about 0.40% of NOV worth $22,954,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in NOV. Commonwealth Equity Services LLC boosted its position in NOV by 28.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 25,425 shares of the oil and gas exploration company’s stock valued at $371,000 after purchasing an additional 5,605 shares in the last quarter. LPL Financial LLC raised its position in NOV by 23.7% during the fourth quarter. LPL Financial LLC now owns 59,340 shares of the oil and gas exploration company’s stock valued at $866,000 after acquiring an additional 11,364 shares in the last quarter. JPMorgan Chase & Co. raised its position in NOV by 11.6% during the fourth quarter. JPMorgan Chase & Co. now owns 887,362 shares of the oil and gas exploration company’s stock valued at $12,955,000 after acquiring an additional 92,006 shares in the last quarter. Blair William & Co. IL acquired a new stake in NOV in the fourth quarter valued at approximately $218,000. Finally, Norges Bank acquired a new stake in NOV in the fourth quarter valued at approximately $7,989,000. Institutional investors own 93.27% of the company’s stock.

Wall Street Analysts Forecast Growth

NOV has been the topic of a number of research analyst reports. Barclays lowered their price target on NOV from $13.00 to $11.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 30th. Piper Sandler cut their price target on NOV from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Evercore ISI dropped their price objective on NOV from $15.00 to $14.00 and set an “in-line” rating on the stock in a report on Wednesday, July 30th. Wells Fargo & Company decreased their target price on NOV from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Thursday, June 5th. Finally, JPMorgan Chase & Co. cut NOV from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $17.00 to $15.00 in a research report on Wednesday, July 30th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, NOV has an average rating of “Hold” and a consensus target price of $16.69.

NOV Stock Down 3.5%

NOV stock opened at $12.14 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.72 and a current ratio of 2.58. The firm has a market capitalization of $4.51 billion, a price-to-earnings ratio of 9.95, a price-to-earnings-growth ratio of 3.24 and a beta of 1.32. NOV Inc. has a fifty-two week low of $10.84 and a fifty-two week high of $19.35. The stock’s fifty day moving average is $13.04 and its two-hundred day moving average is $13.57.

NOV (NYSE:NOV) last released its quarterly earnings results on Monday, July 28th. The oil and gas exploration company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). The company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. NOV had a return on equity of 7.25% and a net margin of 5.36%. The business’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.57 EPS. Analysts predict that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, June 3rd were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a dividend yield of 363.0%. NOV’s payout ratio is currently 24.59%.

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.