State Board of Administration of Florida Retirement System Reduces Stock Position in NOV Inc. (NYSE:NOV)

State Board of Administration of Florida Retirement System lowered its stake in NOV Inc. (NYSE:NOV) by 2.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 495,607 shares of the oil and gas exploration company’s stock after selling 14,395 shares during the period. State Board of Administration of Florida Retirement System’s holdings in NOV were worth $6,497,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. IFP Advisors Inc boosted its holdings in NOV by 1,032.4% in the third quarter. IFP Advisors Inc now owns 2,378 shares of the oil and gas exploration company’s stock worth $31,000 after purchasing an additional 2,168 shares during the last quarter. NEXT Financial Group Inc boosted its stake in shares of NOV by 387.3% during the 3rd quarter. NEXT Financial Group Inc now owns 2,685 shares of the oil and gas exploration company’s stock worth $35,000 after acquiring an additional 2,134 shares during the last quarter. Moors & Cabot Inc. boosted its stake in shares of NOV by 65.3% during the 3rd quarter. Moors & Cabot Inc. now owns 34,000 shares of the oil and gas exploration company’s stock worth $36,000 after acquiring an additional 13,428 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of NOV during the 2nd quarter worth $40,000. Finally, Berman Capital Advisors LLC boosted its stake in shares of NOV by 110.8% during the 3rd quarter. Berman Capital Advisors LLC now owns 5,267 shares of the oil and gas exploration company’s stock worth $68,000 after acquiring an additional 2,769 shares during the last quarter. Institutional investors own 93.32% of the company’s stock.

Shares of NOV stock opened at $16.52 on Friday. The stock has a market cap of $6.45 billion, a P/E ratio of -11.39 and a beta of 2.23. NOV Inc. has a 52 week low of $11.46 and a 52 week high of $18.02. The company has a quick ratio of 1.95, a current ratio of 2.67 and a debt-to-equity ratio of 0.34. The company’s fifty day simple moving average is $13.59 and its two-hundred day simple moving average is $13.74.

NOV (NYSE:NOV) last announced its quarterly earnings results on Tuesday, October 26th. The oil and gas exploration company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.03). The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.42 billion. NOV had a negative return on equity of 6.25% and a negative net margin of 10.44%. On average, analysts anticipate that NOV Inc. will post -0.54 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 17th. Stockholders of record on Friday, December 3rd were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.21%. The ex-dividend date was Thursday, December 2nd. NOV’s dividend payout ratio is -13.79%.

Several research analysts have recently weighed in on NOV shares. JPMorgan Chase & Co. upgraded shares of NOV from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $15.00 to $17.00 in a research note on Tuesday, December 14th. Wells Fargo & Company began coverage on shares of NOV in a research note on Sunday, September 26th. They set a “sell” rating and a $12.00 price target on the stock. Morgan Stanley dropped their target price on shares of NOV from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, October 11th. Finally, Griffin Securities reaffirmed a “hold” rating on shares of NOV in a report on Sunday, October 31st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, NOV currently has an average rating of “Hold” and an average price target of $16.56.

In other news, Director Eric L. Mattson sold 8,157 shares of the company’s stock in a transaction dated Thursday, October 28th. The shares were sold at an average price of $14.53, for a total transaction of $118,521.21. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.39% of the stock is currently owned by corporate insiders.

NOV Profile

NOV, Inc provides equipment and technology to the upstream oil and gas industry. It operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment monitors its capital equipment backlog to plan its business. The Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations and offers services that optimize their performance.

Further Reading: Asset Allocation, Balancing Your Investments

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Institutional Ownership by Quarter for NOV (NYSE:NOV)

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