NOV Inc. (NYSE:NOV) Shares Acquired by State of Michigan Retirement System

State of Michigan Retirement System increased its stake in NOV Inc. (NYSE:NOV) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 96,777 shares of the oil and gas exploration company’s stock after acquiring an additional 2,300 shares during the period. State of Michigan Retirement System’s holdings in NOV were worth $1,889,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Rise Advisors LLC acquired a new stake in shares of NOV in the first quarter valued at $26,000. Riverview Trust Co acquired a new stake in shares of NOV in the first quarter valued at $39,000. Bruce G. Allen Investments LLC acquired a new stake in shares of NOV in the fourth quarter valued at $49,000. GAMMA Investing LLC acquired a new stake in shares of NOV in the fourth quarter valued at $61,000. Finally, International Assets Investment Management LLC raised its stake in shares of NOV by 1,306.5% in the fourth quarter. International Assets Investment Management LLC now owns 3,488 shares of the oil and gas exploration company’s stock valued at $71,000 after acquiring an additional 3,240 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Stock Up 0.1 %

NOV stock opened at $18.50 on Friday. NOV Inc. has a fifty-two week low of $15.72 and a fifty-two week high of $21.91. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.50 and a current ratio of 2.50. The company has a market capitalization of $7.32 billion, a P/E ratio of 7.43, a PEG ratio of 0.58 and a beta of 1.70. The stock has a 50-day simple moving average of $18.42 and a 200-day simple moving average of $18.80.

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

NOV Increases Dividend

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

Analyst Ratings Changes

Several analysts have recently issued reports on NOV shares. TD Cowen reduced their price objective on NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Susquehanna reaffirmed a “positive” rating and set a $26.00 price target on shares of NOV in a report on Monday, April 8th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, NOV currently has an average rating of “Hold” and a consensus price target of $24.07.

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.