Massachusetts Financial Services Co. MA Reduces Stake in NOV Inc. (NYSE:NOV)

Massachusetts Financial Services Co. MA reduced its stake in NOV Inc. (NYSE:NOV) by 33.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 303,061 shares of the oil and gas exploration company’s stock after selling 150,999 shares during the period. Massachusetts Financial Services Co. MA’s holdings in NOV were worth $4,840,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Stanley Laman Group Ltd. purchased a new position in shares of NOV during the 2nd quarter worth $4,031,000. Deprince Race & Zollo Inc. grew its holdings 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 period. WINTON GROUP Ltd grew its holdings in shares of NOV by 1,866.3% during the 2nd quarter. WINTON GROUP Ltd now owns 841,078 shares of the oil and gas exploration company’s stock worth $15,989,000 after purchasing an additional 798,303 shares during the period. Canandaigua National Bank & Trust Co. purchased a new position in shares of NOV during the 2nd quarter worth $1,100,000. Finally, Boston Partners purchased a new position in shares of NOV during the 1st quarter worth $119,686,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

NOV Price Performance

NOV stock opened at $16.00 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65. The firm has a market capitalization of $6.23 billion, a P/E ratio of 5.90, a P/E/G ratio of 0.96 and a beta of 1.66. The business’s 50-day moving average is $16.05 and its two-hundred day moving average is $17.40. NOV Inc. has a 1 year low of $14.98 and a 1 year high of $21.23.

NOV Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend 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%.

Insider Transactions at NOV

In other news, Director David D. Harrison sold 1,784 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total transaction of $28,722.40. Following the sale, the director now owns 110,951 shares of the company’s stock, valued at approximately $1,786,311.10. This trade represents a 1.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on NOV shares. BMO Capital Markets lowered their price target on NOV from $22.00 to $20.00 and set a “market perform” rating for the company in a report on Thursday, October 10th. Susquehanna decreased their target price on NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a research note on Monday, October 28th. JPMorgan Chase & Co. decreased their target price on NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Citigroup lowered NOV from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $21.00 to $18.00 in a research note on Monday, November 11th. Finally, TD Cowen decreased their target price on NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, NOV has an average rating of “Hold” and a consensus price target of $21.64.

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.