New York State Common Retirement Fund Has $58.16 Million Stake in NOV Inc. (NYSE:NOV)

New York State Common Retirement Fund decreased its stake in shares of NOV Inc. (NYSE:NOV) by 10.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,867,630 shares of the oil and gas exploration company’s stock after selling 327,721 shares during the period. New York State Common Retirement Fund owned 0.73% of NOV worth $58,156,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. FMR LLC grew its holdings in NOV by 30.9% in the 3rd quarter. FMR LLC now owns 18,514,921 shares of the oil and gas exploration company’s stock valued at $386,962,000 after buying an additional 4,369,540 shares during the last quarter. Schroder Investment Management Group acquired a new stake in NOV in the 3rd quarter valued at approximately $13,329,000. Envestnet Asset Management Inc. grew its holdings in NOV by 68.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 646,973 shares of the oil and gas exploration company’s stock valued at $13,522,000 after buying an additional 263,543 shares during the last quarter. Retirement Systems of Alabama grew its holdings in NOV by 42.3% in the 3rd quarter. Retirement Systems of Alabama now owns 864,474 shares of the oil and gas exploration company’s stock valued at $18,068,000 after buying an additional 256,883 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of NOV during the 3rd quarter worth approximately $4,314,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insider Activity

In other news, CAO Christy Lynn Novak sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $17.43, for a total value of $61,005.00. Following the completion of the sale, the chief accounting officer now directly owns 114,212 shares of the company’s stock, valued at $1,990,715.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. StockNews.com raised NOV from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Raymond James cut their target price on NOV from $28.00 to $25.00 and set an “outperform” rating for the company in a research report on Monday, February 5th. Royal Bank of Canada restated a “sector perform” rating and set a $24.00 target price on shares of NOV in a research report on Tuesday, February 6th. Piper Sandler cut their target price on NOV from $25.00 to $22.00 and set a “neutral” rating for the company in a research report on Tuesday, February 20th. Finally, TD Cowen cut their target price on NOV from $31.00 to $30.00 and set an “outperform” rating for the company in a research report on Monday, February 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, NOV presently has an average rating of “Hold” and an average price target of $24.36.

NOV Stock Performance

Shares of NYSE NOV opened at $18.86 on Wednesday. The stock has a 50 day moving average price of $18.51 and a 200 day moving average price of $19.18. NOV Inc. has a 52 week low of $14.05 and a 52 week high of $21.91. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.51 and a current ratio of 2.40. The stock has a market capitalization of $7.46 billion, a PE ratio of 7.51, a price-to-earnings-growth ratio of 0.81 and a beta of 1.74.

NOV (NYSE:NOV) last issued its quarterly earnings results on Friday, February 2nd. The oil and gas exploration company reported $1.51 EPS for the quarter, beating the consensus estimate of $0.41 by $1.10. NOV had a return on equity of 10.79% and a net margin of 11.57%. The firm had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the prior year, the firm posted $0.26 earnings per share. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. Analysts predict that NOV Inc. will post 1.52 earnings per share for the current fiscal year.

NOV Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were given a $0.05 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.06%. NOV’s payout ratio is 7.97%.

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.