State of New Jersey Common Pension Fund D Lowers Stock Holdings in NOV Inc. (NYSE:NOV)

State of New Jersey Common Pension Fund D decreased its position in NOV Inc. (NYSE:NOV) by 12.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 127,859 shares of the oil and gas exploration company’s stock after selling 17,642 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in NOV were worth $2,042,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Pzena Investment Management LLC lifted its position in NOV by 0.3% in the second quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock valued at $668,694,000 after purchasing an additional 103,238 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in 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 acquiring an additional 3,470,860 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of NOV by 67.2% in the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock valued at $188,749,000 after acquiring an additional 3,989,095 shares during the period. Boston Partners bought a new position in shares of NOV during the first quarter valued at about $119,686,000. Finally, AQR Capital Management LLC boosted its holdings in shares of NOV by 232.6% during the second quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock worth $92,938,000 after purchasing an additional 3,418,885 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Price Performance

NOV opened at $15.96 on Friday. The company’s 50-day simple moving average is $16.02 and its two-hundred day simple moving average is $17.52. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. The stock has a market capitalization of $6.21 billion, a P/E ratio of 5.89, a P/E/G ratio of 0.94 and a beta of 1.66. NOV Inc. has a 52-week low of $14.98 and a 52-week high of $21.23.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Friday, December 6th. NOV’s dividend payout ratio (DPR) is presently 11.07%.

Wall Street Analyst Weigh In

Several research firms have weighed in on NOV. Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 price objective on shares of NOV in a report on Monday, July 29th. Susquehanna decreased their price objective on shares of NOV from $22.00 to $21.00 and set a “positive” rating for the company in a report on Monday, October 28th. JPMorgan Chase & Co. reduced their price target on shares of NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, October 3rd. Bank of America cut their price objective on NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Finally, Barclays lowered their target price on NOV from $17.00 to $16.00 and set an “underweight” rating for the company in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $21.64.

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.