Zurcher Kantonalbank Zurich Cantonalbank Acquires 6,448 Shares of NOV Inc. (NYSE:NOV)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of NOV Inc. (NYSE:NOV) by 7.6% during the fourth quarter, Holdings Channel reports. The firm owned 90,834 shares of the oil and gas exploration company’s stock after purchasing an additional 6,448 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in NOV were worth $1,326,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. AlphaQuest LLC raised its holdings in shares of NOV by 199.8% during the 4th quarter. AlphaQuest LLC now owns 17,946 shares of the oil and gas exploration company’s stock valued at $262,000 after purchasing an additional 11,960 shares in the last quarter. Amundi raised its holdings in shares of NOV by 313.1% during the 4th quarter. Amundi now owns 311,071 shares of the oil and gas exploration company’s stock valued at $4,548,000 after purchasing an additional 235,771 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of NOV during the 4th quarter valued at $42,000. Raymond James Financial Inc. bought a new position in shares of NOV during the 4th quarter valued at $3,332,000. Finally, Aigen Investment Management LP raised its holdings in shares of NOV by 650.6% during the 4th quarter. Aigen Investment Management LP now owns 113,926 shares of the oil and gas exploration company’s stock valued at $1,663,000 after purchasing an additional 98,748 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Piper Sandler raised their target price on shares of NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Royal Bank of Canada raised their target price on shares of NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a research note on Thursday, February 6th. Raymond James raised their target price on shares of NOV from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Barclays raised their target price on shares of NOV from $12.00 to $13.00 and gave the company an “underweight” rating in a research note on Tuesday, February 18th. Finally, Seaport Res Ptn lowered shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Sunday, January 5th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $19.60.

NOV Stock Performance

NYSE NOV opened at $14.71 on Wednesday. The stock has a market cap of $5.60 billion, a P/E ratio of 9.13, a PEG ratio of 1.02 and a beta of 1.66. The company’s 50-day simple moving average is $14.96 and its 200 day simple moving average is $15.47. NOV Inc. has a twelve month low of $13.78 and a twelve month high of $21.20. The company has a quick ratio of 1.64, a current ratio of 2.46 and a debt-to-equity ratio of 0.26.

NOV (NYSE:NOV) last posted its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. NOV had a net margin of 7.16% and a return on equity of 9.88%. As a group, research analysts forecast that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $0.075 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.30 dividend on an annualized basis and a yield of 2.04%. NOV’s dividend payout ratio (DPR) is presently 18.63%.

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.