State of New Jersey Common Pension Fund D Sells 78,511 Shares of NOV Inc. (NYSE:NOV)

State of New Jersey Common Pension Fund D cut its holdings in NOV Inc. (NYSE:NOV) by 35.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 145,501 shares of the oil and gas exploration company’s stock after selling 78,511 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in NOV were worth $2,766,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NOV. Rise Advisors LLC purchased a new stake in shares of NOV in the 1st quarter worth approximately $26,000. Rothschild Investment LLC bought a new position in NOV in the second quarter worth approximately $28,000. Riverview Trust Co bought a new stake in NOV during the 1st quarter valued at $39,000. SYSTM Wealth Solutions LLC purchased a new position in shares of NOV in the 1st quarter valued at $78,000. Finally, Signaturefd LLC raised its position in shares of NOV by 67.6% in the 2nd quarter. Signaturefd LLC now owns 4,443 shares of the oil and gas exploration company’s stock worth $84,000 after acquiring an additional 1,792 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

NOV Price Performance

Shares of NYSE:NOV opened at $16.44 on Thursday. NOV Inc. has a twelve month low of $15.47 and a twelve month high of $21.71. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.50 billion, a PE ratio of 6.60, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67. The company’s 50 day moving average is $17.94 and its 200 day moving average is $18.39.

NOV (NYSE:NOV) last released its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, sell-side analysts forecast that NOV Inc. will post 1.63 EPS for the current year.

NOV Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.075 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.82%. NOV’s payout ratio is 12.05%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 target price on shares of NOV in a research note on Monday, July 29th. Piper Sandler cut their price target on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Benchmark reiterated a “hold” rating on shares of NOV in a report on Friday, July 26th. Evercore ISI upgraded NOV to a “strong-buy” rating in a research note on Friday, July 26th. Finally, TD Cowen increased their price target on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.42.

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.