Principal Financial Group Inc. Has $14.56 Million Stock Position in NOV Inc. (NYSE:NOV)

Principal Financial Group Inc. lessened its holdings in shares of NOV Inc. (NYSE:NOV) by 30.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 911,410 shares of the oil and gas exploration company’s stock after selling 405,612 shares during the quarter. Principal Financial Group Inc.’s holdings in NOV were worth $14,555,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Tidal Investments LLC raised its position in shares of NOV by 20.8% during the third quarter. Tidal Investments LLC now owns 21,200 shares of the oil and gas exploration company’s stock worth $339,000 after purchasing an additional 3,645 shares during the period. Barclays PLC raised its holdings in NOV by 120.1% during the 3rd quarter. Barclays PLC now owns 473,545 shares of the oil and gas exploration company’s stock worth $7,561,000 after buying an additional 258,392 shares during the period. Y Intercept Hong Kong Ltd bought a new position in NOV in the third quarter valued at approximately $1,713,000. XTX Topco Ltd acquired a new position in shares of NOV in the third quarter valued at approximately $955,000. Finally, Wolverine Trading LLC increased its position in shares of NOV by 29.1% during the third quarter. Wolverine Trading LLC now owns 17,688 shares of the oil and gas exploration company’s stock worth $283,000 after acquiring an additional 3,988 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

Insider Transactions at NOV

In other news, Director David D. Harrison sold 1,784 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the completion of the sale, the director now owns 110,951 shares of the company’s stock, valued at approximately $1,786,311.10. The trade was a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.85% of the stock is owned by corporate insiders.

NOV Stock Performance

Shares of NOV stock opened at $14.47 on Friday. NOV Inc. has a 52 week low of $13.94 and a 52 week high of $21.23. The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of 5.34, a PEG ratio of 0.87 and a beta of 1.66. The company has a 50-day simple moving average of $15.52 and a 200 day simple moving average of $16.87. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57.

NOV Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date was Friday, December 6th. NOV’s dividend payout ratio is presently 11.07%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NOV shares. Stifel Nicolaus reduced their target price on shares of NOV from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, October 28th. Piper Sandler began coverage on NOV in a report on Thursday, December 19th. They set a “neutral” rating and a $17.00 price objective for the company. Barclays reduced their price target on NOV from $16.00 to $12.00 and set an “underweight” rating for the company in a research report on Wednesday, December 18th. Wells Fargo & Company cut their price objective on shares of NOV from $16.00 to $15.00 and set an “underweight” rating on the stock in a research report on Monday, November 4th. Finally, TD Cowen dropped their target price on NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, October 28th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $20.14.

NOV 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.