Earnest Partners LLC Sells 85,459 Shares of NOV Inc. (NYSE:NOV)

Earnest Partners LLC cut its position in shares of NOV Inc. (NYSE:NOV) by 2.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,955,981 shares of the oil and gas exploration company’s stock after selling 85,459 shares during the quarter. Earnest Partners LLC owned approximately 1.00% of NOV worth $75,203,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Rise Advisors LLC purchased a new stake in NOV during the first quarter valued at about $26,000. Rothschild Investment LLC bought a new position in NOV during the 2nd quarter worth approximately $28,000. Riverview Trust Co purchased a new position in NOV in the 1st quarter worth approximately $39,000. SYSTM Wealth Solutions LLC bought a new stake in NOV in the first quarter valued at approximately $78,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in shares of NOV during the second quarter valued at approximately $78,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Stock Down 1.7 %

Shares of NYSE:NOV opened at $15.85 on Friday. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. The stock has a fifty day simple moving average of $17.62 and a two-hundred day simple moving average of $18.34. NOV Inc. has a 12-month low of $15.47 and a 12-month high of $21.71. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of 6.37, a PEG ratio of 0.50 and a beta of 1.67.

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

NOV Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Friday, September 13th. NOV’s dividend payout ratio is currently 12.05%.

Analysts Set New Price Targets

NOV has been the subject of several analyst reports. Bank of America dropped their price target on shares of NOV from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, July 15th. Barclays boosted their price target on NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. Piper Sandler cut their price objective on NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. TD Cowen upped their target price on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company cut shares of NOV from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $20.00 to $16.00 in a report on Wednesday. Two analysts have rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, NOV has an average rating of “Moderate Buy” and an average target price of $24.00.

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.