Allspring Global Investments Holdings LLC Has $75.81 Million Stake in NOV Inc. (NYSE:NOV)

Allspring Global Investments Holdings LLC grew its stake in NOV Inc. (NYSE:NOV) by 1.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,883,885 shares of the oil and gas exploration company’s stock after purchasing an additional 42,717 shares during the period. Allspring Global Investments Holdings LLC owned about 0.98% of NOV worth $75,813,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Balyasny Asset Management L.P. grew its position in NOV by 769.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock worth $125,048,000 after purchasing an additional 5,456,581 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of NOV by 4.2% in the fourth quarter. Van ECK Associates Corp now owns 5,687,556 shares of the oil and gas exploration company’s stock worth $115,343,000 after acquiring an additional 231,464 shares during the last quarter. Earnest Partners LLC raised its stake in shares of NOV by 4.5% in the third quarter. Earnest Partners LLC now owns 4,143,782 shares of the oil and gas exploration company’s stock worth $86,605,000 after acquiring an additional 178,375 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of NOV by 4.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,776,524 shares of the oil and gas exploration company’s stock worth $56,308,000 after buying an additional 130,478 shares during the last quarter. Finally, Heartland Advisors Inc. raised its stake in shares of NOV by 4.8% during the fourth quarter. Heartland Advisors Inc. now owns 2,406,296 shares of the oil and gas exploration company’s stock worth $48,800,000 after buying an additional 109,370 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Stock Up 0.3 %

NOV traded up $0.06 during trading hours on Tuesday, hitting $18.55. 275,743 shares of the company’s stock were exchanged, compared to its average volume of 3,780,677. NOV Inc. has a 1-year low of $15.72 and a 1-year high of $21.91. The stock’s 50-day moving average is $18.44 and its two-hundred day moving average is $18.81. The stock has a market cap of $7.34 billion, a price-to-earnings ratio of 7.43, a PEG ratio of 0.59 and a beta of 1.71. The company has a quick ratio of 1.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.28.

NOV (NYSE:NOV) last announced its earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.27 by $0.03. NOV had a net margin of 11.23% and a return on equity of 10.21%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter in the prior year, the company posted $0.32 earnings per share. The firm’s revenue was up 9.8% on a year-over-year basis. Sell-side analysts predict that NOV Inc. will post 1.56 earnings per share for the current fiscal year.

NOV Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.075 per share. This is a positive change from NOV’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a yield of 1.62%. The ex-dividend date was Friday, June 14th. NOV’s dividend payout ratio is 12.05%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Susquehanna reissued a “positive” rating and set a $26.00 price target on shares of NOV in a research note on Monday, April 8th. TD Cowen lowered their target price on shares of NOV from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Monday, April 29th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $24.07.

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.