Mutual of America Capital Management LLC Cuts Stock Holdings in NOV Inc. (NYSE:NOV)

Mutual of America Capital Management LLC decreased its holdings in shares of NOV Inc. (NYSE:NOV) by 3.5% during the second quarter, HoldingsChannel reports. The firm owned 226,462 shares of the oil and gas exploration company’s stock after selling 8,260 shares during the period. Mutual of America Capital Management LLC’s holdings in NOV were worth $4,305,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Boston Partners purchased a new position in shares of NOV in the 1st quarter worth approximately $119,686,000. Balyasny Asset Management L.P. grew its position in shares of 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 buying an additional 5,456,581 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of NOV by 67.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after buying an additional 3,989,095 shares during the last quarter. Pzena Investment Management LLC grew its position in shares of NOV by 12.7% in the 1st 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 during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of NOV by 40.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock worth $230,743,000 after buying an additional 3,470,860 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Benchmark reaffirmed a “hold” rating on shares of NOV in a research report on Friday, July 26th. Morgan Stanley lowered their target price on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Barclays lifted their target price on shares of NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 30th. TD Cowen lifted their target price on shares of NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Piper Sandler lowered their target price on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.42.

NOV Stock Performance

Shares of NYSE NOV opened at $16.90 on Monday. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. NOV Inc. has a 12 month low of $15.47 and a 12 month high of $21.71. The company has a 50 day simple moving average of $17.86 and a two-hundred day simple moving average of $18.39. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 6.79, a PEG ratio of 0.47 and a beta of 1.67.

NOV (NYSE:NOV) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) 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 analysts’ expectations of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business’s revenue was up 5.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.39 EPS. As a group, analysts predict that NOV Inc. will post 1.63 earnings per share for the current year.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Friday, September 13th. NOV’s dividend payout ratio (DPR) is presently 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.