NOV Inc. (NYSE:NOV) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC cut its stake in shares of NOV Inc. (NYSE:NOV) by 59.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 414,215 shares of the oil and gas exploration company’s stock after selling 599,595 shares during the period. Renaissance Technologies LLC owned approximately 0.10% of NOV worth $7,874,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in NOV. Boston Partners acquired a new position in shares of NOV in the first quarter valued at approximately $119,686,000. Balyasny Asset Management L.P. grew its holdings in shares of NOV by 769.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock valued at $125,048,000 after purchasing an additional 5,456,581 shares in the last quarter. Bank of New York Mellon Corp grew its holdings 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 purchasing an additional 3,989,095 shares in the last quarter. Pzena Investment Management LLC grew its holdings in shares of NOV by 12.7% in the first quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock valued at $684,618,000 after purchasing an additional 3,946,504 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of NOV by 40.0% in the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after purchasing an additional 3,470,860 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NOV. Piper Sandler dropped their price objective on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Benchmark reiterated a “hold” rating on shares of NOV in a research note on Friday, July 26th. Morgan Stanley decreased their price target on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Bank of America decreased their price target on shares of NOV from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 price target on shares of NOV in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.42.

NOV Stock Up 0.1 %

Shares of NYSE:NOV opened at $16.76 on Wednesday. The firm has a 50 day simple moving average of $17.75 and a 200-day simple moving average of $18.37. The company has a market capitalization of $6.63 billion, a PE ratio of 6.73, a P/E/G ratio of 0.47 and a beta of 1.67. NOV Inc. has a twelve month low of $15.47 and a twelve month high of $21.71. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV) last posted its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The company had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the previous year, the business posted $0.39 earnings per share. NOV’s quarterly revenue was up 5.9% on a year-over-year basis. On average, equities analysts predict that NOV Inc. will post 1.63 EPS for the current fiscal year.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given 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 1.79%. NOV’s payout ratio is 12.05%.

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.