Exchange Traded Concepts LLC Sells 1,483 Shares of NOV Inc. (NYSE:NOV)

Exchange Traded Concepts LLC cut its position in NOV Inc. (NYSE:NOV) by 10.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 13,038 shares of the oil and gas exploration company’s stock after selling 1,483 shares during the quarter. Exchange Traded Concepts LLC’s holdings in NOV were worth $208,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Goldman Sachs Group Inc. lifted its stake in NOV by 95.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock valued at $17,846,000 after buying an additional 429,104 shares in the last quarter. Wintrust Investments LLC lifted its position in shares of NOV by 631.6% in the first quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock worth $1,600,000 after purchasing an additional 70,743 shares in the last quarter. Stanley Laman Group Ltd. bought a new stake in NOV during the second quarter worth about $4,031,000. Allspring Global Investments Holdings LLC grew its stake in NOV by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock valued at $75,813,000 after purchasing an additional 42,717 shares in the last quarter. Finally, Deprince Race & Zollo Inc. increased its position in shares of NOV by 1,194.1% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,706,017 shares of the oil and gas exploration company’s stock worth $32,431,000 after purchasing an additional 1,574,188 shares during the last quarter. Institutional investors own 93.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Piper Sandler decreased 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. Bank of America lowered their price target on NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Morgan Stanley lowered their price target on shares of NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Evercore ISI upgraded NOV to a “strong-buy” rating in a report on Friday, July 26th. Finally, Barclays dropped their price target on NOV from $20.00 to $17.00 and set an “underweight” rating for the company in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.57.

NOV Trading Up 0.3 %

Shares of NOV stock opened at $15.49 on Tuesday. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. NOV Inc. has a 12-month low of $15.27 and a 12-month high of $21.23. The company has a market capitalization of $6.13 billion, a price-to-earnings ratio of 6.23, a PEG ratio of 0.47 and a beta of 1.67. The firm’s 50-day moving average price is $16.73 and its two-hundred day moving average price is $17.99.

NOV (NYSE:NOV) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.22. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the business posted $0.39 EPS. On average, analysts forecast that NOV Inc. will post 1.64 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Friday, September 13th. NOV’s payout ratio is 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.