Oppenheimer Asset Management Inc. Purchases 38,044 Shares of NOV Inc. (NYSE:NOV)

Oppenheimer Asset Management Inc. grew its stake in shares of NOV Inc. (NYSE:NOV) by 41.4% during the second quarter, HoldingsChannel.com reports. The fund owned 129,959 shares of the oil and gas exploration company’s stock after buying an additional 38,044 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in NOV were worth $2,471,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. SIR Capital Management L.P. boosted its holdings in shares of NOV by 29.9% in the second quarter. SIR Capital Management L.P. now owns 654,000 shares of the oil and gas exploration company’s stock worth $12,433,000 after buying an additional 150,400 shares during the last quarter. Texas Permanent School Fund Corp increased its position in NOV by 4.5% in the second quarter. Texas Permanent School Fund Corp now owns 360,355 shares of the oil and gas exploration company’s stock worth $6,850,000 after purchasing an additional 15,594 shares during the last quarter. Wedbush Securities Inc. increased its position in NOV by 10.6% in the second quarter. Wedbush Securities Inc. now owns 13,692 shares of the oil and gas exploration company’s stock worth $260,000 after purchasing an additional 1,317 shares during the last quarter. Arizona State Retirement System raised its stake in shares of NOV by 1.9% in the second quarter. Arizona State Retirement System now owns 110,303 shares of the oil and gas exploration company’s stock valued at $2,097,000 after acquiring an additional 2,043 shares during the period. Finally, Pzena Investment Management LLC raised its stake in shares of 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 acquiring an additional 103,238 shares during the period. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NOV. Morgan Stanley cut 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. Bank of America lowered their price target on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Benchmark reaffirmed a “hold” rating on shares of NOV in a research report on Friday, July 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $24.00 price target on shares of NOV in a research report on Monday, July 29th. Finally, Piper Sandler decreased their price objective on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.42.

NOV Stock Performance

NYSE:NOV opened at $16.38 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The firm has a market capitalization of $6.48 billion, a price-to-earnings ratio of 6.58, a PEG ratio of 0.47 and a beta of 1.67. The company’s 50-day moving average is $17.97 and its two-hundred day moving average is $18.40. NOV Inc. has a 1-year low of $15.47 and a 1-year high of $21.71.

NOV (NYSE:NOV) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the business posted $0.39 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. Analysts forecast that NOV Inc. will post 1.63 EPS for the current year.

NOV Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.30 dividend on an annualized basis and a yield of 1.83%. NOV’s dividend payout ratio (DPR) is presently 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.