Gabelli Funds LLC Raises Position in NOV Inc. (NYSE:NOV)

Gabelli Funds LLC grew its holdings in shares of NOV Inc. (NYSE:NOV) by 333.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,807 shares of the oil and gas exploration company’s stock after purchasing an additional 36,000 shares during the period. Gabelli Funds LLC’s holdings in NOV were worth $890,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NOV. US Bancorp DE lifted its holdings in shares of NOV by 5.1% during the 4th quarter. US Bancorp DE now owns 32,786 shares of the oil and gas exploration company’s stock valued at $665,000 after purchasing an additional 1,584 shares during the last quarter. Hsbc Holdings PLC raised its stake in NOV by 8.7% in the 4th quarter. Hsbc Holdings PLC now owns 72,397 shares of the oil and gas exploration company’s stock worth $1,475,000 after acquiring an additional 5,801 shares during the last quarter. United Services Automobile Association raised its stake in NOV by 11.6% in the 4th quarter. United Services Automobile Association now owns 32,975 shares of the oil and gas exploration company’s stock worth $669,000 after acquiring an additional 3,440 shares during the last quarter. TD Asset Management Inc raised its stake in NOV by 79.7% in the 4th quarter. TD Asset Management Inc now owns 86,278 shares of the oil and gas exploration company’s stock worth $1,750,000 after acquiring an additional 38,278 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its stake in NOV by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 173,988 shares of the oil and gas exploration company’s stock worth $3,528,000 after acquiring an additional 1,700 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Wall Street Analysts Forecast Growth

NOV has been the subject of a number of research analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $24.00 target price on shares of NOV in a research note on Monday, July 29th. Evercore ISI raised NOV to a “strong-buy” rating in a research report on Friday, July 26th. Bank of America cut their price target on NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Benchmark reaffirmed a “hold” rating on shares of NOV in a research report on Friday, July 26th. Finally, Barclays increased their price target on NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, NOV currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

NOV Price Performance

NYSE:NOV opened at $15.85 on Friday. NOV Inc. has a 52 week low of $15.47 and a 52 week high of $21.71. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $6.27 billion, a PE ratio of 6.37, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67. The stock’s 50-day moving average price is $17.62 and its 200-day moving average price is $18.34.

NOV (NYSE:NOV) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.22. The firm had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.19 billion. NOV had a return on equity of 10.97% and a net margin of 11.88%. The company’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the firm earned $0.39 EPS. As a group, equities analysts expect that NOV Inc. will post 1.63 EPS for the current fiscal year.

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date is Friday, September 13th. NOV’s dividend payout ratio is presently 12.05%.

NOV Company 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.