Pinnacle Associates Ltd. Buys 2,788 Shares of NOV Inc. (NYSE:NOV)

Pinnacle Associates Ltd. raised its position in NOV Inc. (NYSE:NOV) by 27.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 12,838 shares of the oil and gas exploration company’s stock after purchasing an additional 2,788 shares during the period. Pinnacle Associates Ltd.’s holdings in NOV were worth $205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Rothschild Investment LLC bought a new position in NOV in the second quarter valued at approximately $28,000. American National Bank & Trust acquired a new stake in shares of NOV during the 3rd quarter valued at $39,000. International Assets Investment Management LLC grew its position in NOV by 1,590.1% during the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock worth $46,000 after acquiring an additional 2,735 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in NOV in the second quarter valued at about $78,000. Finally, Signaturefd LLC boosted its stake in shares of NOV by 67.6% during the second quarter. Signaturefd LLC now owns 4,443 shares of the oil and gas exploration company’s stock valued at $84,000 after purchasing an additional 1,792 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on NOV shares. Morgan Stanley dropped their price objective on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $24.00 price objective on shares of NOV in a research note on Monday, July 29th. Stifel Nicolaus lowered their target price on NOV from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, October 28th. TD Cowen decreased their price target on NOV from $28.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, October 28th. Finally, Wells Fargo & Company cut their price objective on NOV from $16.00 to $15.00 and set an “underweight” rating on the stock in a research note on Monday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, NOV has a consensus rating of “Moderate Buy” and an average target price of $21.86.

NOV Trading Up 1.5 %

NOV opened at $15.39 on Tuesday. The company has a fifty day moving average price of $16.26 and a two-hundred day moving average price of $17.68. NOV Inc. has a 1-year low of $14.98 and a 1-year high of $21.23. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. The company has a market cap of $5.99 billion, a P/E ratio of 5.68, a price-to-earnings-growth ratio of 0.89 and a beta of 1.66.

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Friday, September 13th. NOV’s dividend payout ratio (DPR) is 11.07%.

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.