Raymond James & Associates Grows Position in NOV Inc. (NYSE:NOV)

Raymond James & Associates grew its stake in shares of NOV Inc. (NYSE:NOV) by 3.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 248,230 shares of the oil and gas exploration company’s stock after buying an additional 7,506 shares during the period. Raymond James & Associates owned 0.06% of NOV worth $4,719,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Pzena Investment Management LLC increased its position in NOV by 12.7% during the first quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock worth $684,618,000 after buying an additional 3,946,504 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of NOV by 769.1% during the fourth 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. Boston Partners acquired a new stake in shares of NOV during the first quarter worth $119,686,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of NOV by 1.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock worth $75,813,000 after purchasing an additional 42,717 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings 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 purchasing an additional 130,478 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Piper Sandler decreased their price objective on NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 target price on shares of NOV in a report on Monday, July 29th. TD Cowen lifted their target price on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a report on Monday, July 29th. Benchmark reiterated a “hold” rating on shares of NOV in a report on Friday, July 26th. Finally, Evercore ISI raised NOV to a “strong-buy” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.58.

NOV Stock Up 0.7 %

Shares of NYSE NOV opened at $17.94 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61. The firm has a market cap of $7.10 billion, a price-to-earnings ratio of 7.20, a PEG ratio of 0.59 and a beta of 1.70. NOV Inc. has a 1 year low of $16.77 and a 1 year high of $21.91. The stock’s 50-day simple moving average is $18.45 and its 200-day simple moving average is $18.44.

NOV (NYSE:NOV) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.22. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.19 billion. NOV had a return on equity of 10.97% and a net margin of 11.88%. NOV’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.39 earnings per share. As a group, equities analysts anticipate that NOV Inc. will post 1.61 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend is Friday, September 13th. NOV’s dividend payout ratio is currently 12.05%.

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.